Gold loiters around VND37.6 million

The price of gold in Vietnam hovered around VND37.6 million a tael (1.2 ounces) on May 10. Meanwhile, global price surpassed $1,500 an ounce in the trading session in Asia this morning.

Sacombank Jewelry Company bought the metal at VND37.53 million and sold at VND37.61 million as of 8:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.52 million and sold at VND37.62 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.51 million and sold at VND37.62 million as of 9:45 am local time.

At Bao Tin Minh Chau, the metal was bought at VND37.5 million and sold at VND37.6 million.

Internationally, gold resumed gains as a weaker US dollar, and concerns over the European sovereign-debt crisis spurred investor demand for the metal as an alternative asset.

Gold futures for June delivery rose as much as $11.6 an ounce, or 0.8 per cent, to close at $1,503.2 an ounce on the Comex in New York.

The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, dropped to 74.69 from 74.79 last weekend after Standards & Poor’s lowered Greece’s debt ratings.

In Asia, the metal was traded at $1,509.6 an ounce this morning.

Crude oil raised again after losing for five consecutive trading sessions. Crude oil futures for June settlement surged as much as $5.37 a barrel, or 5.5 percent, to close at $102.55 a barrel on the New York Mercantile Exchange. Earlier, the metal climbed to $103.4 a barrel.

On the foreign exchange market, the interbank US dollar exchange rate dropped by VND5 per dollar to VND20,703. The highest allowed price for commercial banks was at VND20,910.

State-owned Vietcombank bought the greenback at VND20,560, and sold at VND20,680, unchanged as of the previous day. Eximbank purchased dollars at VND20,540-20,565, and sold at VND20,645. Sacombank quoted the rate at VND20,530-20,550 for buying and VND20,650 for selling. – SGGP

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