Gold stalls; US dollar goes down

The price of gold in Vietnam rose by VND50,000 a tael (1.2 ounces) over the previous day to stand steadily above VND38.1 million a tael on June 21 as the global price stalled.

Sacombank Jewelry Company bought the metal at VND38.05 million and sold at VND38.11 million as of 10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND38.05 million and sold at VND38.12 million at the same time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND38.02 million and sold at VND38.1 million at the same time.

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

According to gold traders, selling demand significantly increased after the metal climbed to the highest level since the beginning of May.

The dollar exchange rates against the Vietnamese dong at commercial banks continued marching south this morning. State-owned Vietcombank bought the greenback at VND20,600 and sell at VND20,670, a decrease of VND50 per dollar in buying price and VND80 per dollar in selling price over the previous day.

Meanwhile, the interbank US dollar exchange rate remained at VND20,618.

Internationally, gold faintly fluctuated as investors were wary of the next movements of the Europe’s sovereign-debt crisis and the US’s economy.

Gold for immediate delivery rose as much as $0.5 an ounce over the previous day to close at $1,541.5 an ounce on the Comex in New York.

Spot gold added $0.4 an ounce to trade at $1,541.9 an ounce as of 10:10 am Vietnamese time.

The euro exchange rate against the greenback was above $1.43 a euro in Tokyo this morning.

Crude oil futures for July settlement gained as much as $0.25 a barrel to close at $93.26 a barrel on the New York Mercantile Exchange.

This morning, crude oil slightly climbed to $93.45 a barrel as of 10:20 am Vietnamese time. – SGGP

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