Gold and dollar plummet

The price of gold in Vietnam fell by VND200,000 a tael (1.2 ounces) on April 26 as global price steeply declined under selling pressure in Asia this morning.

Sacombank Jewelry Company bought the metal at VND37.26 million and sold at VND37.36 million as of 8:15 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.25 million and sold at VND37.4 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.26 million and sold at VND37.4 million as of 8:30 am local time.

Internationally, gold advanced for eight consecutive trading sessions, hitting a record high as concerns over rising inflation strengthened the appeal of the precious metal as a store of value amid the US dollar weakened.

Gold futures for June delivery rose as much as $5.3 an ounce, or 0.4 per cent, to close at $1,509.1 an ounce on the Comex in New York. Earlier, the metal reached to $1,519.2 an ounce.

Gold for immediate delivery closed at $1,509 an ounce. In the trading session, the metal sometimes touched $1,518.1 an ounce.

In Asia, the metal plunged as investors sold gold heavily to realize profits this morning. Spot gold sank to $1,497.5 an ounce as of 8:30 am Vietnamese time, the lowest level in the past week.

Crude oil futures for June settlement slightly slid by $0.01 a barrel to close at $112.28 a barrel.

Brent crude oil futures for June delivery dropped $0.33 a barrel to $123.66 a barrel.

Domestically, the interbank US exchange rate continued to reduce by VND5 per dollar to VND20,703. The highest price applied at commercial bank was VND20,910. However, most banks quoted the rate much lower than the top price.

Vietcombank bought the greenback at VND20,690, and sold at VND20,760; Eximbank purchased dollars at VND20,670-20,690 and sold at VND20,740; At Sacombank, dollars were bought at VND20,650-20,670, and sold at VND20,750. – VIR

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices