Gold slightly drops

March 15, 2011 | 16:18

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The price of gold in Vietnam affected on March 15 due to movements of the precious metal on the international market.

Sacombank Jewelry Company bought the metal at VND37.06 million and sold at VND37.14 million as of 11:10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.05 million and sold at VND37.2 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.05 million and sold at VND37.19 million. Earlier, the metal was bought at VND37.23 million and sold at VND37.32 million.

Domestically, gold price was influenced by global price, which mainly gained on concerns over nuclear crisis in Japan after the earthquake and unrest in Middle East and North Africa. In addition, investors’ sentiment was damaged as global stock markets sank to the six-week low.

Yesterday, bullion surged to above $1,424 an ounce on the Comex in New York.

This early morning, the metal continued climbing to above $1,428 an ounce. However, the price soon plunged to below $1,410 an ounce.

Spot gold was traded at $1,412.6 an ounce and tended to rise as of 11:40 am Vietnamese time.

Holdings at SPDR Gold Trust, the largest exchange traded fund backed by bullion reduced to 1,213.655 metric tonnes, the lowest level in the past ten months.

The US dollar free market stayed frozen, whereas commercial bank quoted the same exchange rate as of the previous day. Vietcombank bought the greenback at VND20,865, and sold at VND20,870.

SGGP

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