Gold adds small rise

The price of gold in Vietnam surged by VND50,000 a tael over the previous day on June 17. Trading on bullion market remained thin as the metal hadn’t made any strong movement.

Saigon Jewelry Co. bought gold at VND28.07 million and sold at VND28.15 million as of 1:40 pm local time.

At Sacombank Jewelry Co., the metal was bought at VND28.1 million and sold at VND28.13 million.

The US dollar exchange rate remained stable below VND19,000. On free market, a dollar was bought at VND18,970 and sold at VND18,990. State-owned Vietcombank fixed dollar exchange rate at VND18,950 for buying and VND18,990 for selling.

Globally, the precious metal fluctuated around US$1.230 an ounce. Most investors sold gold to take profits after a sharp rise. However, selling pressure failed to make the metal to plunge further.

Spot gold fell as much as $3.9 an ounce, or 0.3 percent, to close at $1,231.5 in New York last night. Earlier, the metal approached $1,240 an ounce.

Concerns that Europe’s financial turmoil will be prolonged boosted the demand for the precious metal as a store of value.

Asian investors promoted buying as the metal dropped last night, helping green return to bullion market.

Spot gold rose by $2 an ounce to $1,233 an ounce as of 9:45 am in Asia.

The euro exchange rate slid to below $1.23 after Spain’s central bank said it would check financial ability of banks in the country.

Spain plans to sell as much as 3.5 billion euro ($4.3 billion) of 10- and 30-year bonds as the yield on the country’s benchmark 10-year bond has risen to the highest in almost eight years.

Crude oil futures for July delivery rose $0.73 a barrel to $77.67 a barrel.

In Asia, crude oil dropped to nearly $77 a barrel this morning

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