Gold makes adjustment

The price of gold in Vietnam fell to below VND37.7 million a tael (1.2 ounces) on April 22 as global price tended to make sharp correction after peaking an all-time high.

Sacombank Jewelry Company bought the metal at VND37.6 million and sold at VND37.7 million as of 7:50 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.59 million and sold at VND37.71 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.55 million and sold at VND37.68 million as of 9:05 am local time.

Internationally, gold advanced for five consecutive days, jumping to a record high as the US dollar’s debasement spurred investors to increase buying of the precious metal ahead of the three-day holiday.

Gold futures for June delivery rose as much as $4.9 an ounce, or 0.3 per cent, to close at $1,503.9 an ounce on the Comex in New York. Earlier, the metal emerged to $1,509.6 an ounce.

Immediate-delivery gold topped $1,508.75 an ounce.

The metal has gained 1.2 per cent this week, especially after Standard &Poor’s put a negative outlook on the US credit rating, citing rising budget deficits and debt.

In Asia, the metal opened the trading session on losing trend this morning. Spot gold was traded at $1,503.1 an ounce at 9 am Vietnamese time, however, the metal slightly rebounded to $1,504.9 an ounce as of 9:15 am.

The US Dollar Index, a six-currency gauge of the greenback’s value, dropped to 73.967 from 74.384.

Crude oil futures for June settlement rose 0.8 per cent to close at $112.29 a barrel. Crude oil has advanced 2.4 per cent this week.

Brent crude oil futures for June delivery surged to $123.99 a barrel. Earlier, the price climbed to $124.81 a barrel.

Domestically, the interbank US exchange rate retreated for three days in a row, losing by VND5 per dollar to VND20,718. The highest price applied at commercial bank was VND20,925. However, most banks quoted the rate VND15-30 per dollar below the ceiling price.

Vietcombank bought the greenback at VND20,850, and sold at VND20,900; Eximbank purchased dollars at VND20,820-20,830 and sold at VND20,880; At Sacombank, dollars were bought at VND20,830-20,840, and sold at VND20,910. – SGGP

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