Trading on gold bullion market improves

The price of gold in Vietnam climbed to near VND38.2 million a tael (1.2 ounces) on June 22 as global price reached the highest level in two weeks.

Sacombank Jewelry Company bought the metal at VND38.1 million and sold at VND38.16 million as of 8 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND38.1 million and sold at VND38.17 million at the same time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND38.07 million and sold at VND38.15 million at the same time.

Trading on bullion market improved over the previous days as the metal started to escalate again.

The dollar exchange rates against the Vietnamese dong at commercial banks continued shedding VND20 per dollar over the previous day this morning. State-owned Vietcombank bought the greenback at VND20,580 and sold at VND20,650.

Meanwhile, the interbank US dollar exchange rate continued pausing at VND20,618 per dollar for more than 10 consecutive days.

Internationally, gold slightly gained the second day as concerns over the sovereign debt crisis in Europe spurred investors’ demand for the precious metal as a hedge to protect their wealth.

Gold for immediate delivery surged as much as $6.7 an ounce, or 0.4 percent, to close at $1,548.2 an ounce on the Comex in New York, the highest level in two weeks.

In Asia, the metal made correction this morning. Spot gold fell to $1,548 an ounce as of 9 am Vietnamese time.

The Greece’s indebted government won the confidence vote – the key condition which helps the country to avoid national default. However, investors were still cautious until the European Union reached a concrete solution for Greece. Thus, they increased buying gold for the worst situation.

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

Crude oil futures for July settlement was traded at $93.4 a barrel as of 9:20 am Vietnamese time.
Source: SGGP

Tags: Gold Bullion prices