Gold recovers; dollar declines

The price of gold in Vietnam slightly surged to VND37.5 million a tael (1.2 ounces) on April 27 as global price sharply rose in the trading session in Asia this morning.

Sacombank Jewelry Company bought the metal at VND37.43 million and sold at VND37.49 million as of 8:45 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.42 million and sold at VND37.5 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.4 million and sold at VND37.53 million as of 8:55 am local time, up VND20,000-50,000 a tael over last afternoon.

Internationally, the eight-day rising trend of gold faltered as investors sold the precious metal heavily to take advantage of previous rallies amid rising consumer confidence and positive earnings reports.

Gold futures for June delivery fell as much as $5.6 an ounce, or 0.4 per cent, to close at $1,503.5 an ounce on the Comex in New York. Earlier, the metal sank to $1,492 an ounce after a report showed that the US consumer confidence rose to 65.4 this month from 63.8 the previous month.

In Asia, gold for immediate delivery returned to $1,508.9 an ounce as of 9 am Vietnamese time and tended to advance further.

Crude oil futures for June settlement slid as much as $0.07 a barrel to close at $112.21 a barrel on the New York Mercantile Exchange.

Brent crude oil futures for June delivery rose $0.48 a barrel to $124.14 a barrel in London.

On the foreign exchange market, the interbank US dollar exchange rate continued to drop by VND5 per dollar to VND20,698, the lowest level since March 30.

State-owned Vietcombank bought the greenback at VND20,630, and sold at VND20,700. – SGGP

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