Gold marches south

Price of gold in Vietnam fell by VND200,000 a tael (1.2 ounces) over the previous day on June 29 although global price plunged sharply on negative news out of the European summit meeting.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.53 million and sold at VND41.68 million as of 10.45am Vietnamese time. Earlier, SJC-brand gold retreated to VND41.35 million for buying, and VND41.5 million for selling, the lowest level in one month.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.59 million and sold at VND41.72 million as of 1.25pm Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.1 million for buying, and at VND40.4 million for selling at 1.45pm Vietnamese time.

Domestically, gold fetched around VND2.4 million a tael, higher than global price.

On free market, the US dollar was bought at VND20,890 per dollar, and sold at VND20,910 per dollar, a decrease of VND10 per dollar from the previous day.

Meanwhile, Vietcombank still kept the rate at VND20,850 per dollar for buying, and at VND20,925 per dollar for selling, down VND10 per dollar in buying price, and up VND5 per dollar in selling price over the previous day.

Eximbank purchased dollars at VND20,860 per dollar, and sold at VND20,920 per dollar, unchanged as of the previous day.

Internationally, gold made sharp correction along with other risk assets after Italy and Spain refused to sign off on a 120 billion Euro ($149 billion) growth package until Germany approved short-term measures to ease their soaring cost of credit, holding off an agreement at an EU summit which is on its final day today.

Spot gold fell as much as $22.2 an ounce, or 1.4 percent, to close at $1,553 an ounce in New York last night.

In Asia, gold for immediate delivery rebounded $3.2 an ounce to trade at $1,556.2 an ounce at 9.15am Vietnamese time.

Euro exchange rate against the US dollar stood near $1.25 a Euro in Tokyo this morning.

Crude oil futures for July delivery rose $0.83 a barrel, or 1.1 percent, to trade at $78.52 a barrel at 9.25am Vietnamese time. Last night, crude oil sank to the lowest level in the past eight months.

By Thuy Doan

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