Gold treads water; dollar escalates

March 30, 2011 | 17:26

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The price of gold in Vietnam stalled at the previous day’s closing price on March 30 although global price dropped for four consecutive trading sessions.

Sacombank Jewelry Company bought the metal at VND36.47 million and sold at VND36.55 million as of 8:50 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.46 million and sold at VND36.56 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.43 million and sold at VND36.55 million as of 10 am local time.

Internationally, gold declined as investors promoted sale of the precious metal to take profits, sending the precious metal to the lowest level since March 18.

Gold futures for April delivery fell as much as $3.8 an ounce, or 0.3 per cent, to close at $1,417.5 an ounce on the Comex in New York. Earlier, the metal plunged to $1,412.1 an ounce.

In Asia, gold for immediate delivery stood at $1,416.2 an ounce at 10 am Vietnamese time.

The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, rose to 76.264 after St. Louis Fed chairman said that policymakers may start to tighten monetary policy without solutions for other global problems.

Crude oil rebounded after rebellious group in Libya signaled a resumption of oil exporting. Crude oil futures for May settlement closed at $104.79 a barrel. May-delivery Brent crude oil climbed to $115.16 a barrel.

On the foreign exchange market, the interbank US dollar exchange rate rose VND10 per dollar over the previous day to VND20,698. State-owned Vietcombank bought the greenback at VND20,900, and sold at VND20,905.

SGGP

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