Gold loses VND400,00 per tael

The price of gold in Vietnam fell by VND400,000 a tael (1.2 ounces) on May 6 as global price dropped to below the resistance of $1,500 an ounce in the trading session in New York last night.

Sacombank Jewelry Company bought the metal at VND37.31 million and sold at VND37.44 million as of 8:20 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.3 million and sold at VND37.45 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.35 million and sold at VND37.5 million as of 8:35 am local time.

At Bao Tin Minh Chau, the metal was bought at VND37.3 million and sold at VND37.47 million.

Internationally, gold plunged as investors dumped the metal heavily after the Comex exchange in New York made it 84 per cent more expensive for speculators to trade the metal.

Gold futures for June delivery fell as much as $33.9 an ounce, or 2.2 per cent, to close at $1,481.4 an ounce on the Comex in New York, the lowest closing price since April 14. This is also the sharpest intraday loss since March 15.

Gold futures for July delivery also lost $42.3 an ounce, or 2.79 per cent, to close at $1,473 an ounce.

Meanwhile, spot gold plunged to $1,471 an ounce.

In Asia, the metal surged by more than 1 per cent over the closing price in New York. Gold for immediate delivery was traded at $1,489.1 an ounce and tended to go up.

Crude oil futures for June settlement fell as much as $9.44 a barrel, or 8.6 per cent, to close at $99.8 a barrel on the New York Mercantile Exchange. This is the lowest closing price since March 16 and the steepest intraday loss since April 20.

Crude oil lost 12 per cent in the last four trading sessions.

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

State-owned Vietcombank bought the greenback at VND20,570, and sold at VND20,750. Eximbank purchased dollars at VND20,540-20,560, and sold at VND20,650. Sacombank quoted the rate at VND20,530-20,550 for buying and VND20,650 for selling. – VIR

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