Gold reaches VND38.3 million

The price of gold in Vietnam surged to nearly VND38.3 million a tael (1.2 ounces) on July 12 as concerns that Italy will be the next country to face sovereign-debt crisis boosted global price to climb for seven consecutive trading sessions to the highest level in two months.

Sacombank Jewelry Company purchased gold at VND38.16 million and sold at VND38.29 million as of 8 am local time, an increase of VND160,000-170,000 a tael over the previous day.

Saigon Jewelry Company bought the metal at VND38.18 million and sold at VND38.25 million at the same time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND38.16 million and sold at VND38.26 million at the same time.

Domestically, gold fetched around VND550,000 a tael lower than global price.

State-owned Vietcombank bought the greenback at VND20,560 and sold at VND20,630, unchanged as of the previous day. The interbank exchange rate also remained at VND20,608.

Internationally, gold topped $1,550 an ounce on demand for a store of value amid escalating concerns that Europe’s sovereign-debt woes will widen.

Gold for immediate delivery soared as much as $10.2 an ounce, or 0.7 percent, to close at $1,555.4 an ounce on the Comex in New York.

In Asia, the metal slightly dropped due to profit-taking this morning. Spot gold fell $1.9 an ounce to trade at $1,553.5 an ounce as of 8:30 am Vietnamese time.

European equities tumbled the most in seven weeks, led by banks and insurers, as contagion from Greece’s debt crisis threatened to spread to Italy and Spain.

The euro exchange rate against the US dollar declined to $1.4 a euro in Tokyo this morning from $1.42 a euro the previous day.

Crude oil futures for August delivery lost as much as $1.05 a barrel to close at $95.15 a barrel due to a stronger US dollar.

This morning, crude oil sank $0.15 a barrel to trade at $95 a barrel as of 8:40 am Vietnamese time.

By Mai Tuyet

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