Gold dips as global price plummets

Price of gold in Vietnam fell by VND100,000, dragging the precious metal down to VND42 million a tael, after global price plummeted.

Price of gold in Vietnam falls by VND100,000, dragging the precious metal down to VND42 million a tael, after global price plummets (Photo: U. Phuong)

Saigon Jewelry Co (SJC), Vietnam’s biggest gold trader, lost over VND100,000 compared to yesterday’s closing price, falling to around VND41.85 and VND42 million a tael for bid and ask, respectively as of 9am Vietnamese time.

In Hanoi, SJC gold sold at DOJI Co at VND41.85-42.02 million a tael for bid and ask, respectively.

Meantime, Hanoi-based Phu Quy Jewelry Company purchased SJC brand gold at VND41.91 million and sold at VND42 million and prices at Bao Tin Minh Chau Jewelry Company were at VND40.4 million and VND40.7 million per tael for bid and ask respectively at 8.23am this morning.

On the world market, gold inched up on Friday, on course for a second straight week of gains, as investors await the all-important U.S. June employment report to gauge the health of the world's top economy for trading cues.

Spot gold crept up 0.1 percent to $1,606.10 an ounce by 0037 GMT, on course for a weekly rise of half a percent.

U.S. gold future contracts for August delivery edged down 0.2 percent to $1,606.70.

The European Central Bank cut interest rates to a record low on Thursday, as widely expected, to breathe life into a deteriorating eurozone economy, but steered clear of more dramatic measures such as buying government bonds or flooding banks with fresh liquidity.

China's Central Bank cut interest rates for the second time in a matter of weeks on Thursday, stepping up efforts to bolster an economy that last quarter probably suffered its weakest growth since the global financial crisis.

All eyes are on the U.S. non-farm payroll data due later in the day. Thursday's data showed that U.S private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell the most in two months, a hopeful sign for the struggling labor market.

By Uyen Phuong

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