Gold devalues; black-market dollar rises

The price of gold in Vietnam declined slightly over last weekend on May 14 while global price edged up thanks to bottom fishing.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.43 million and sold at VND41.58 million as of 9.58am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.49 million and sold at VND41.59 million as of 11.20am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.8 million for buying, and at VND41.1 million for selling at 12.15pm Vietnamese time.

Domestically, gold fetched VND1.7 million a tael, higher than global price.

On free market, dollars were bought at VND20,920 per dollar, and sold at VND20,940 per dollar, up VND80 per dollar over last Friday.

Meanwhile, Vietcombank continued to buy the greenback at VND20,820 per dollar, and sell at VND20,870 per dollar.

Internationally, gold recovered at the trading session in Asia this morning on bargain hunting but gains could be capped by concerns over worsening European sovereign debt crisis after weekend talks to form a new Greek government failed.

Gold for immediate delivery recovered as much as $1.2 an ounce to trade at $1,582.6 an ounce at 10.45am Vietnamese time.

The euro exchange rate against the US dollar was at below $1.29 a Euro in Tokyo this morning.

Crude oil futures for June delivery lost $0.73 a barrel to trade at $95.4 a barrel at 10.50am Vietnamese time.

By Thuy Doan

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