Gold rebounds

Price of gold in Vietnam rose by VND300,000 per tael (1.2 ounces) on June 13, responding to a rising momentum that sent global price to above US$1,600 an ounce.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.87 million and sold at VND42.07 million as of 9.50am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.98 million and sold at VND42.11 million as of 9.40am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.8 million for buying, and at VND41.1 million for selling at 1.15pm Vietnamese time.

Some gold traders said that the current gold price was not attractive because of its low profitability.

Domestically, gold fetched VND1.5 million a tael, higher than global price.

On free market, the US dollar was bought at VND20,930 per dollar, and sold at VND20,960 per dollar, up VND20 per dollar in buying price over the previous day.

At commercial banks, the dollar exchange rate rose to above VND21,000 per dollar again. Vietcombank bought the greenback at VND20,930 per dollar, and sold at VND21,000 per dollar, an increase of VND40 per dollar from the previous day.

Eximbank purchased dollars at VND20,920, and sold at VND20,975 per dollar, up VND40 per dollar in buying price, and VND25 per dollar in selling price over the previous day.

Global gold price dropped slightly this morning after climbing significantly at the trading session last night.

In Asia, spot gold declined $1.7 an ounce to trade at $1,609.1 an ounce at 10.10am Vietnamese time.

Last night, gold for immediate delivery rose as much as $13.7 an ounce, or nearly 0.9 per cent, to close at $1,610.8 an ounce in New York.

However, gold still faces losing pressure as the worsening debt crisis in Europe continued to weigh on sentiment. Fitch Ratings downgraded credit ratings of several Spanish banks yesterday. Investors also doubted feasibility of the 100-billion-Euro bailout package that Europe financed for banks in Spain.  Spanish bond yield rose to the highest level in the history of eurozone yesterday.

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

Crude oil futures for July delivery lost $0.55 a barrel to trade at $82.77 a barrel at 10.20am Vietnamese time.

By Thuy Doan

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