Gold, dollar drop in tandem

Price of gold in Vietnam failed to maintain at VND42 million a tael (1.2 ounces) on June 12 as global price declined on international market.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.69 million and sold at VND41.89 million as of 11.05am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.8 million and sold at VND41.92 million as of 11.35am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.7 million for buying, and at VND41 million for selling at 12.30pm Vietnamese time.

Domestically, gold fetched VND1.65 million a tael, higher than global price.

Gold fell below VND42 million a tael since last evening when global price made sharp correction. Losing momentum was maintained and increased this morning as the US dollar continuously sank.

On free market, the US dollar was bought at VND20,910 per dollar, and sold at VND20,960 per dollar, down VND60 per dollar in buying price, and VND40 per dollar in selling price over the previous day.

At commercial bank, the dollar exchange rate also dropped drastically. Vietcombank bought the greenback at VND20,890 per dollar, and sold at VND20,960 per dollar, a decrease of VND70 per dollar in buying price, and VND76 per dollar in selling price from the previous day.

Eximbank purchased dollars at VND20,880, and sold at VND20,950 per dollar.

In Asia, spot gold lost $3.8 an ounce to trade at $1,593.3 an ounce at 10am Vietnamese time.

Last night, gold for immediate delivery rose as much as $1.4 an ounce to close at $1,597.1 an ounce in New York.

Optimism about Spain's bank bailout quickly gave way to renewed worries that the 100 billion Euro bailout package would ultimately raise public debt of other countries in the eurozone, worsening the region’s debt turmoil.

Euro exchange rate against the US dollar was below $1.25 a Euro in Tokyo this morning.

Crude oil futures for July delivery tripped $0.69 a barrel to trade at $82.01 a barrel at 10am Vietnamese time.

By Thuy Doan

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