Gold advances for three days

The price of gold in Vietnam edged up to VND37.6 million a tael (1.2 ounces) over the previous day on May 25 as global price climbed for the third day in New York due to rising demand amid the European government debt crisis remained unsolved.

Sacombank Jewelry Company bought the metal at VND37.54 million and sold at VND37.6 million as of 10:30 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.52 million and sold at VND37.62 million at the same time.

Domestically, gold fetched VND400,000 a tael lower than global price.

The interbank US dollar exchange rate continued to recede by VND5 per dollar to VND20,663 this morning.

State-owned Vietcombank cut its exchange rate by VND50 per dollar over the previous day to bought the greenback at VND20,580 and sold at VND20,680.

Internationally, gold climbed to three-week high as concerns over an escalating Europe’s sovereign-debt crisis, and a weaker US dollar spurred the demand for the precious metal as a safe-haven.

Gold for immediate delivery rose as much as $8.9 an ounce to close at $1,527.1 an ounce, the highest level in the past three weeks, on the Comex in New York.

In Asia, the precious metal slightly declined as advance to three-week high prompted selling. Spot gold lost $1.6 an ounce over the closing price in New York to trade at $1,525.5 an ounce as of 10:25 am Vietnamese time.

Holdings at SPDR Gold Trust, the largest exchange traded fund backed by bullion, continued increasing  by 4.6 metric tons to 1,214.1 metric tons, the company’s website showed.

The euro slightly recovered against the US dollar, trading at nearly $1.4 a euro in Asia this morning.

Crude oil futures for July settlement recovered as much as $1.89 a barrel, or 1.9 percent, to close at $99.59 a barrel, the highest level in the past week, on the New York Mercantile Exchange.

This morning, crude oil went down to below $99 a barrel.

By Thuy Doan

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