Bullion rebounds to VND40 million

The price of gold in Vietnam returned to VND40 million a tael (1.2 ounces) on August 2 as global price hovered around $1,620 an ounce on concern over a possible downgrade of the US credit rating.

Most gold shops bought the metal at VND39.9 million and sold at nearly VND40 million a tael as of 9 am local time, an increase of VND80,000-100,000 a tael over the previous trading session.

The price of gold in Vietnam returned to VND40 million a tael (1.2 ounces) on August 2 ( Photo: U. Phuong).

Sacombank Jewelry Company quoted the price at VND39.94 million for buying and VND40 million for selling. Saigon Jewelry Company bought the metal at VND39.93 million and sold at VND39.99 million. Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND39.91 million and sold at VND40.01 million at the same time.

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

After slightly rising yesterday, the US exchange rate moved back to previous level this morning. State-owned Vietcombank reduced the US dollar exchange rate by VND5 per dollar to buy at VND20,560 and sell at VND20,610. The inter-bank exchange rate remained at VND20,608 per dollar.

Internationally, the House of Representatives approved legislation to raise the US debt limit by at least $2.1 trillion and cut federal spending by $2.4 trillion or more, one day before a threatened default.

Gold for immediate delivery fell as much as $6.9 an ounce over the previous trading session to close at $1,621.3 an ounce on the Comex in New York. Earlier, the metal surged to $1,633.1 an ounce.

In Asia, gold weakly changed this morning. Spot gold lost $0.2 an ounce over the closing price in New York to trade at $1,621.1 an ounce as of 9:30 am Vietnamese time.

The euro exchange rate against the US dollar was at below $1.43 a euro in Tokyo this morning.

Crude oil futures for September delivery gained $0.27 a barrel over the closing price in New York to trade at $95.16 a barrel at 9:50 am Vietnamese time.

By Nam Giao

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