Gold, dollar strengthen

Price of gold in Vietnam rose by VND200,000 a tael (1.2 ounces) over the previous day on June 5 thanks to a slight rise in global price.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42 million and sold at VND42.2 million as of 9.40am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.1 million and sold at VND42.23 million as of 10.20am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.95 million for buying, and at VND41.25 million for selling at 11am Vietnamese time.

According to gold traders, selling tended to take the upper hand in bullion market after the price surpassed VND42 million a tael last weekend.

Nguyen Cong Tuong, deputy head of Sales Department of Saigon Jewellery Company, said that his company bought around 1,000 taels of gold yesterday while selling a few hundred taels.

Domestically, gold fetched VND1.3 million a tael, higher than global price.

On free market, dollars unexpectedly jumped after being stable for a week. The greenback was bought at VND20,930 per dollar, and sold at VND20,960 per dollar, up VND65 per dollar in buying price, and VND75 per dollar in selling price from the previous day.

Meanwhile, the dollar exchange rate rose strongly, approaching VND21,000 per dollar at commercial banks, whereas the inter-bank exchange rate remained at VND20,828 per dollar.

Vietcombank bought the greenback at VND20,920 per dollar, and sold at VND20,990 per dollar, an increase of VND70 per dollar in buying price, and VND110 per dollar in selling price over the previous day.

Eximbank quoted the rate at VND20,900 for buying, and VND20,980 for selling.

Internationally, gold edged up as oil and equities gained, ahead of emergency talks by the Group of Seven leading industrialised powers, which will discuss the deepening problems in the eurozone that threaten to spur a global economic meltdown.

In Asia, spot gold ticked up $0.8 an ounce to trade at $1,620.1 an ounce at 10.20am Vietnamese time.

Gold for immediately delivery fell as much as $8 an ounce to close at $1,619.3 an ounce in New York last night.

Euro exchange rate against the US dollar hovered around $1.25 a Euro in Tokyo this morning on expectation that the G7 meeting would produce positive results.

Crude oil futures for July delivery inched up $0.88 a barrel to trade at $84.86 a barrel at 10.30am Vietnamese time.

By Thuy Doan

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