Gold surpasses VND48 million per tael

The price of gold in Vietnam continued to escalate by VND600,000 per tael (1.2 ounces) to above VND48 million per tael on March 30 although the global gold price retreated to near US$1,600 an ounce.
Saigon Jewelry Company bought gold at VND47.5 million per tael and sold at VND48.5 million per tael, an increase of VND400,000 per tael in buying price and VND600,000 per tael in selling price, at 3.30 p.m. in Ho Chi Minh City.

In Hanoi, Bao Tin Minh Chau Company listed the gold price at VND47.2 million per tael for buying, up VND400,000 per tael, and VND48.2 million per tael for selling, up VND500,000 per tael.

In the Asian market, the precious metal dropped by $10 an ounce to trade at $1,610 an ounce at noon on March 30. After conversion, the global gold price was VND2.2-VND2.5 million per tael lower than the domestic one. The gap between the global and domestic gold prices widened as the global gold price declined whereas the domestic one continued to increase. Although the price of gold fluctuated strongly, trading volume was low with most customers buying gold. Some gold stores in Hanoi and Ho Chi Minh City temporarily closed to prevent the spread of the Covid-19 pandemic, causing the liquidity on the gold market to reduce.

Vietnam’s stock market ended a three-day winning streak, plummeting in the first trading session of the week amid the context that oil price and the Asian stock market continued to march down. The VN-Index sometime lost the 660-point mark due to heavy selling pressure as investors concerned about the developments of the Covid-19 pandemic.

Several large-cap stocks hit the bottom, including VHM, VRE, PNJ, and CTG. At the same time, other pillar stocks, such as SAB, BID, FPT, GAS, VIC, and MWG, fell by more than 6 percent, causing the benchmark to lose by nearly 34 points.

Vietnam’s benchmark, VN-Index, eroded 33.8 points, or 4.86 percent, to close at 662.26 points with 47 winners, 339 losers while 36 stocks remaining unchanged. 

The HNX-Index deleted 4.07 points, or 4.18 percent, to finish at 93.28 points with 31 stocks climbing, 125 falling, and 35 standing still.

Market liquidity reached nearly 295 million shares, worth more than VND4 trillion, lower than the previous trading session. After net selling in the previous trading session, foreign investors net sold again for around VND160 billion in the market.

The State Bank of Vietnam listed the reference exchange rate at VND23,230 per dollar, down VND5 per dollar compared to last weekend, but the US exchange rate at commercial banks still increased by VND10-VND20 per dollar compared to last weekend. Particularly, Vietcombank purchased dollars at VND23,530 per dollar and sold at VND23,560 per dollar, up VND20 per dollar in both buying and selling rates. 

Eximbank bought dollars at VND23,570 per dollar, up VND10 per dollar, and sold at VND23,710 per dollar, up VND20 per dollar.

At foreign currency exchange agents in Ho Chi Minh City, the greenback was traded at VND23,700 per dollar for buying and VND23,800 per dollar for selling.

By Hanh Nhung – Translated by Bao Nghi

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