Price of gold in Vietnam dropped slightly on April
20, and although gold was at its lowest in the past five months, investors
still neglected.
Sacombank
Jewellery Company bought gold at VND42.45 million and sold at VND42.55 million
as of 8.25am Vietnamese time.
Saigon
Jewellery Company, Vietnam’s biggest gold processer and trader, collected the
metal at VND42.38 million and sold at VND42.58 million as of 10.14am Vietnamese
time.
Hanoi-based
Phu Quy Jewellery Company purchased SJC-brand gold at VND42.51 million and sold
at VND42.61 million as of 11.20am Vietnamese time.
Bao Tin
Minh Chau Jewellery Company quoted price at VND41.95 million for buying, and at
VND42.25 million for selling at 11.45am Vietnamese time.
Domestically,
gold fetched around VND1.3 million a tael, higher than global price.
Decree
24, regulating control of trading in gold, affected gold buyer sentiment
considerably. Gold demand temporarily dropped. Most big investors still stood
on sidelines and awaited information about the effect of Decree 24 on the whole
bullion market. Thus, although gold declined, it failed to attract investors.
On free
market, dollars were bought at VND20,820 per dollar, and sold at VND20,840 per
dollar, unchanged as of the previous day.
Meanwhile,
Vietcombank also held the rate at VND20,820 per dollar for buying, and at
VND20,870 per dollar for selling.
Internationally,
gold capped a four-consecutive-trading-session losing streak as a successful
Spanish debt auction yesterday soothed concerns over the sovereign-debt crisis
in Europe. In addition, disappointing US weekly jobless data also weighed on
sentiment.
Gold
for immediate delivery recovered as much as $0.6 an ounce to close at $1,643.6
an ounce in New York.
In
Asia, gold went down at the beginning of the trading session, but started to
rebound after 10am Vietnamese time. Spot gold rose $2.3 an ounce to trade at
$1.645.9 an ounce at 10.25am Vietnamese time.
The
euro exchange rate against the US dollar was $1.31 a euro in Tokyo this
morning.
Crude
oil futures for June delivery rose $0.25 a barrel to trade at $102.52 a barrel
on the New York Mercantile Exchange at 10.35am Vietnamese time.
SGGP
Business & Investment Opportunities
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