Bullion soars again

The price of gold in Vietnam rebounded by VND130,000 a tael over the previous day on June 15 as global price recovered after dropping for two consecutive trading sessions.

Most jewelers bought the metal at VND37.7 million and sold at VND37.8 million this morning.

Sacombank Jewelry Company bought the metal at VND37.76 million and sold at VND37.8 million as of 10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.76 million and sold at VND37.82 million.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.74 million and sold at VND37.82 million at the same time.

Domestically, gold remained fetching around VND100,000 a tael lower than global price.

The US dollar exchange rates against the Vietnamese dong at commercial banks were stable as of the previous day. State-owned Vietcombank bought the greenback at VND20,540 and sold at VND20,600.

Meanwhile, the interbank US dollar exchange rate stalled at VND20,618, the lowest level since February 12.

Internationally, gold regained as previous losses spurred investor demand for the metal as a high-yielding asset. In addition, gold was also supported as economic data of China and the US released yesterday was better than expected.

China’s industrial production grew at a stronger pace than forecast in May. Meanwhile, the US retail sales slightly dropped. Moreover, investors increased buying the metal because inflation climbed to a 32-month high in China in May. The strongest recovery since April of the US stock markets also eased pressure on investors, which urged them to sell gold to make up losses by securities.

Gold for immediate delivery soared as much as $8.8 an ounce over the previous trading session, or 0.6 percent, to settle at $1,525.1 an ounce on the Comex in New York.

The rising momentum was prolonged in the trading session in Asia this morning. Spot gold rose as much as $1.3 an ounce over the closing price in New York to trade at $1,526.4 an ounce as of 10:30 am Vietnamese time.

The euro exchange rate against the US dollar was at just above $1.44 a euro in Tokyo this morning.

Crude oil futures for July settlement gained as much as $2.07 a barrel to close at $99.37 a barrel on the New York Mercantile Exchange.

This morning, crude oil traded at $99.17 a barrel as of 10:45 am Vietnamese time.

By Bao Phuong

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