Vietnam gold regains sparkle

The price of gold in Vietnam made a U-turn to VND37.67 million a tael (1.2 ounces) on April 25 as global price hiked to US$1,514 an ounce in Asia this morning.

Sacombank Jewelry Company bought the metal at VND37.56 million and sold at VND37.66 million as of 8 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.55 million and sold at VND37.67 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.53 million and sold at VND37.66 million as of 8:40 am local time.

Internationally, gold opened week at $1,514 an ounce as rising inflation urged investors to seek the metal as a hedge to protect their wealth.

Gold for immediate delivery was traded at $1,512.6 an ounce as of 8:45 am Vietnamese time.

Crude oil gained the fourth day in New York, the longest rising streak since December, as escalating violence in the Middle East and Africa threatens to prolong supply disruptions.

Crude oil futures for June settlement rose $0.78 a barrel to close at $113.07 a barrel on the New York Mercantile Exchange.

Brent crude oil futures for June delivery surged $0.46 to $124.45 a barrel.

Domestically, the interbank US exchange rate remained hovering at VND20,708, the lowest level since April 6. The highest price applied at commercial bank was VND20,915. However, most banks quoted the rate VND85-135 per dollar lower than the ceiling price.

Vietcombank bought the greenback at VND20,730, and sold at VND20,830; Eximbank and Sacombank purchased dollars at VND20,680-20,700 and sold at VND20,780. – SGGP

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