Gold recovers; dollar weakens

The price of gold in Vietnam rebounded to VND37.75 million a tael on June 29 as global price continuously advanced in the trading sessions last night and this morning.

Sacombank Jewelry Company bought the metal at VND37.68 million and sold at VND37.74 million as of 10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.69 million and sold at VND37.75 million.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.69 million and sold at VND37.77 million at the same time.

Domestically, gold fetched around VND300,000 a tael higher than global price.

After suddenly rising by VND5 per dollar the previous day, the interbank exchange rate adjusted VND5 per dollar to VND20,618 from VND20,623 this morning.

The dollar exchange rate against the Vietnamese dong at commercial banks continued to make correction. State-owned Vietcombank bought the greenback at VND20,560 and sold at VND20,630, a decrease of VND10 per dollar over the previous day. Eximbank quoted the rate at VND20,550 for buying and VND20,630 for selling.

Internationally, gold hit US$1,500 an ounce again as the US weakened against the euro on prospect that Greece will avoid a default.

Gold for immediate delivery rose as much as $5.2 an ounce to close at $1,503.1 an ounce on the Comex in New York.

In Asia, the metal maintained rising trend in the trading session this morning. Spot gold was traded at $1,505 an ounce as of 10 am Vietnamese time.

The euro exchange rate against the greenback was at nearly $1.44 a euro in Tokyo this morning from $1.43 the previous day.

Greece’s parliament will vote today on Prime Minister George Papandreou’s plan to cut spending and sell assets.

Crude oil futures for August delivery gained as much as $2.28 a barrel, or 2.5 percent, to close at $92.89 a barrel.

This morning, crude oil was traded at $92.93 a barrel as of 10:30 am Vietnamese time. – VIR

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