Gold climbs; US dollar drops

The price of gold in Vietnam climbed higher than VND38 million a tael (1.2 ounces) on June 20 although global price opened week with a slight drop.

Sacombank Jewelry Company bought the metal at VND38.06 million and sold at VND38.12 million as of 10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND38.07 million and sold at VND37.12 million at the same time. Earlier, the metal soared to VND38.16 million a tael, the highest level since the beginning of May.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND38.03 million and sold at VND38.1 million at the same time.

The metal added VND10,000-20,000 million a tael over last weekend.

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

According to gold traders, most customers who went to gold shops to sell gold for profits this morning were small investors, whereas big investors made no move.

The dollar exchange rates against the Vietnamese dong at commercial banks strongly declined this morning. State-owned Vietcombank bought the greenback at VND20,650 and sell at VND20,750, a decrease of VND50 per dollar over last Friday.

Meanwhile, the interbank US dollar exchange rate stood steadily at VND20,618.

Internationally, gold slightly dropped as a sharp gain last Friday prompted investors to sell the metal to lock in gains.

Gold for immediate delivery dropped as much as $1.7 an ounce over the closing price in New York to trade at $1,539.3 an ounce as of 10:15 am Vietnamese time.

The euro exchange rate against the greenback was at nearly $1.43 a euro in Tokyo this morning.

Crude oil futures for July settlement slid as much as $0.7 a barrel to trade at $92.3 a barrel as of 10:20 am Vietnamese time.

By Bao Phuong

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