Vietnam gold continues to plunge

The price of gold in Vietnam continued to head south on May 5 as global price sank to below US$1,520 an ounce in the trading session in New York last night.

Sacombank Jewelry Company bought the metal at VND37.75 million and sold at VND37.79 million as of 8:50 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.72 million and sold at VND37.8 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.67 million and sold at VND37.78 million as of 9:10 am local time.

At Bao Tin Minh Chau, the metal was traded at the same level.

Internationally, gold sharply declined as investors tended to reduce their holdings to avert risks after a newspaper said that major investors had dumped a large amount of the precious metal.

Gold futures for June delivery fell as much as $25.1 an ounce, or 1.6 percent, to close at $1,515.3 an ounce on the Comex in New York. This is the steepest intraday loss since March 15.

In Asia, the metal almost moved flat. Gold for immediate delivery was traded at $1,517.8 an ounce.

Crude oil also strongly dropped. Crude oil futures for June settlement fell as much as $1.81 a barrel, or 1.6 percent, to close at $109.24 a barrel on the New York Mercantile Exchange.

On the foreign exchange market, the interbank US dollar exchange rate continued to increase by VND5 per dollar to VND20,708. The highest price at commercial banks was at VND20,915, however, actual trading price was around VND200 per dollar lower than this level.

State-owned Vietcombank bought the greenback at VND20,580, and sold at VND20,700. Eximbank purchased dollars at VND20,560-20,580, and sold at VND20,680. – SGGP

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