At most gold shops, bullion was bought at VND26.65 million and sold at VND26.75 million, fetching VND600,000 higher than global prices.

According to jewelers, the bullion market remained muted because investors were still waiting for the VND27 million mark to reappear.

Globally, investors’ heavy selling to take profits caused the metal to lose US$10.7 an ounce, 0.9 percent, to close at $1,124.7. Earlier, the metal rose to $1,137 in yesterday’s trading sessions.

Analysts said the precious metal was backed by optimism that the euro exchange rate against the US dollar would rise after a long period of decline due to Greece’s fiscal crisis. French President Nicolas Sarkozy said that euro-region nations are ready to help Greece.

In addition, the US Federal Reserve System may maintain a low interest rate policy for the next six months, increasing the prospect of the greenback’s debasement.

However, despite optimism about a way out for Greece’s debt crisis, investors were still wary.

The dollar exchange rate was at $1.36 a euro this morning. In Asia, gold fell to $1,123-1,124 this morning.

Crude oil climbed to the highest level since January 11 yesterday.

Crude oil futures for April settlement rose as much as $0.37 a barrel, to $81.87 a barrel on the New York Mercantile Exchange.

This morning, oil fell to below $81.5 a barrel.

 Source: SGGP