The price of gold in Vietnam sharply dropped on March 29 as global price sank to the lowest level since March 18 due to profit-taking.

Sacombank Jewelry Company bought the metal at VND36.62 million and sold at VND36.72 million as of 8:25 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.61 million and sold at VND36.73 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.57 million and sold at VND36.7 million as of 8:40 am local time.

Domestically, gold declined by nearly VND300,000 a tael over the previous day as demand severely fell.

Internationally, gold retreated as a stronger US dollar sapped investor demand for the metal as an alternative asset.

Gold futures for April delivery lost as much as USUSD6.3 an ounce, or 0.4 percent, to close at USD1,419.9 an ounce on the Comex in New York, the lowest level in the past week.

In Asia, the metal fluctuated in a wide range this morning. Gold for immediate delivery sometime sank to USD1,410 an ounce. The metal was traded at USD1,417 an ounce at 8:40 am Vietnamese time.

The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, rose in the trading session last night. The euro exchange rate against the greenback fell to USD1.4078 from USD1.4087.

Crude oil also sank to the lowest level in a week. Crude oil futures for May settlement slid 1.4 percent to close at USD103.98 a barrel. May-delivery Brent crude oil decreased to USD114.8 a barrel.

On the foreign exchange market, the US dollars fell VND5 per dollar over the previous day. State-owned Vietcombank bought the greenback at VND20,890, and sold at VND20,895.