Gold continues downtrend

Price of gold in Vietnam hovered around VND41.4 million a tael (1.2 ounces) on June 1 while global price remained under depreciation pressure.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.18 million and sold at VND41.38 million as of 9.20am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.3 million and sold at VND41.4 million as of 11.40am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.05 million for buying, and at VND40.35 million for selling at 12.15pm Vietnamese time.

Domestically, gold fetched VND2.2 million a tael, higher than global price.

On free market, dollars were bought at VND20,870 per dollar, and sold at VND20,890 per dollar, unchanged from the previous day.

Meanwhile, Vietcombank also kept buying the greenback at VND20,840 per dollar, and selling at VND20,890 per dollar for the third day. 

Internationally, gold dropped on course for a second straight week of losses as a weaker Euro sapped appetite for the precious metal amidst uncertainties in Europe.

Gold for immediately delivery rose as much as $2.3 an ounce to close at $1,561.2 an ounce. Earlier, the heavy metal swung between $1,551 and $1,574 an ounce.

In Asia, the metal prolonged losing trend at the trading session this morning. Spot gold dipped $4.2 an ounce to trade at $1,557 an ounce at 9.45am Vietnamese time.

The US treasury bond yields continued to drop to record lows while Spanish borrowing cost remained at a two-year high.

Greek opinion poll showed that pro-bailout conservatives are leading their anti-bailout rivals ahead of an election that may decide whether the country remains in the eurozone, confirming a trend in four other surveys released a day earlier.

Euro exchange rate against the US dollar stood at just above $1.23 a Euro in Tokyo this morning from nearly $1.24 a Euro yesterday.

Crude oil futures for July delivery lost $0.4 a barrel to trade at $86.13 a barrel at 9.15am Vietnamese time.

Investors are now eyeing an all-important US employment report due later in the day, after Thursday's data showed a weakening job market, slower factory activity and softer-than-expected economic growth in the first quarter.   

By Thuy Doan

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