Gold continues diving

The price of gold in Vietnam continued heading down on April 5 although global price unexpectedly rose in the trading session in New York last night.

Sacombank Jewelry Company bought the metal at VND36.71 million and sold at VND36.79 million as of 8:40 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.7 million and sold at VND36.8 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.66 million and sold at VND36.78 million as of 9:30 am local time.

Earlier, the metal opened day with a slight rise to VND36.82 million a tael, however, it soon retreated. The precious metal was VND20,000-30,000 per tael lower than the previous day.

Internationally, gold unexpectedly jumped on concerns that inflation would spread all over the world.

Gold futures for June delivery soared as much as $4.1 an ounce, or 0.3 percent, to close at $1,433 an ounce on the Comex in New York. Gold futures lost $11 in the previous trading session after closing at a record high of $1,439.9 an ounce on March 30.

In Asia, the metal continued escalating this morning. Spot gold was traded at $1,436.6 an ounce as of 9:45 am Vietnamese time.

Crude oil surged to the highest level in 30 months. Crude oil futures for May settlement gained $0.3 to close at $108.24 a barrel. Earlier, the liquid rose to above $108.78 a barrel.

Domestically, the interbank US exchange rate edged up VND10 per dollar to hit an all-time high of VND20,713 made in February, while the highest rate applied at commercial banks was VND20,920.

Vietcombank bought the greenback at VND20,915, and sold at VND20,920.

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