Gold advances as investors return

The price of gold in Vietnam climbed to VND37.63 million a tael (1.2 ounces) on May 9 as global price unexpectedly jumped in the trading session this morning in Asia.

Sacombank Jewelry Company bought the metal at VND37.57 million and sold at VND37.61 million as of 9:40 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.54 million and sold at VND37.62 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.52 million and sold at VND37.62 million as of 10 am local time.

At Bao Tin Minh Chau, the metal was bought at VND37.53 million and sold at VND37.63 million.

Last week, gold sharply dropped, sinking to one-week low at VND37.28 million on May 6. However, the metal rebounded on the trading session last weekend due to rising momentum of global price.

Internationally, gold strongly recovered in the trading session in Asia this morning as investors returned after worst weekly loss since 1975.

Gold for immediate delivery was traded at $1,497.8 an ounce, and heading to $1,500 an ounce as of 10:15 am Vietnamese time.

Crude oil rose in New York, rebounding from the biggest weekly loss since 2008 on improved economic outlook. Crude oil futures for June settlement surged 1.9 per cent to $98.98 a barrel in New York after losing 15 per cent last week.

Domestically, the interbank US exchange rate stayed at VND20,708 per dollar as of last weekend. Commercial banks continued to quote the rate below the highest allowed price of VND20,915.

State-owned Vietcombank bought the US dollars at VND20,560, and sold at VND20,680. At Eximbank, the greenback was bought at VND20,540-20,615, and sold at VND20,650. Sacombank quoted the exchange rate at VND20,530-20,550 for buying and VND20,650 for selling. – VIR

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