Gold edges up, dollar escalates

Price of gold in Vietnam edged up marginally over the previous day on July 24 while dollar exchange rate maintained a strong rising momentum; whereas pressure continued to stalk global price after Moody’s Investors Service changed its outlook for Germany, the Netherlands, and Luxembourg from stable to negative.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.54 million and sold at VND41.69 million as of 9.25am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.63 million and sold at VND41.7 million as of 10am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.1 million for buying, and at VND40.4 million for selling at 11am Vietnamese time.

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

On free market, the US dollar was bought at VND20,850 per dollar, and sold at VND20,870 per dollar, a fall of VND10 per dollar over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,845 per dollar for buying, and at VND20,880 per dollar for selling, up VND15 per dollar from the previous day.

Eximbank purchased dollars at VND20,830 per dollar, and sold at VND20,900 per dollar, an increase of VND30 per dollar over the previous day.

Internationally, gold resumed losing trend after recovering slightly at the beginning of the trading session due to rekindled concerns about the debt crisis in Europe.

Greece is scheduled to meet its international lenders today to re-negotiate rescue package which is crucial for keeping debt-ridden Athens afloat and within the eurozone.

In Asia, gold for immediate delivery slid $0.5 an ounce to trade at $1,577.2 an ounce at 10am Vietnamese time.

Last night, spot gold lost $7.3 an ounce, or 0.5 percent, to close at $1,577.7 an ounce in New York. Earlier, the metal sank to $1,560 an ounce, the lowest level in one and a half weeks.

Spanish bond yields jumped to a record high yesterday on fears the government might lose access to markets and need a full bailout, which would drain eurozone resources to fight the sovereign-debt crisis.

Euro exchange rate against the US dollar was just above $1.21 a Euro in Tokyo this morning.

Crude oil futures for August delivery lost $0.01 a barrel to trade at $88.13 a barrel at 10am Vietnamese time.

By Thuy Doan

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