Gold recedes close to nine-month low

Price of gold in Vietnam slumped by VND500,000 a tael (1.2 ounces) over the previous day to a nine-month low on May 15 after global price fell by more than 1.5 per cent at the trading session in New York last night.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.09 million and sold at VND41.24 million as of 10.50am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.15 million and sold at VND41.26 million as of 10.40am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.45 million for buying, and at VND40.75 million for selling at 11am Vietnamese time.

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

On free market, dollars were bought at VND20,870 per dollar, and sold at VND20,900 per dollar, down VND50 per dollar in buying price, and VND40 per dollar in selling price over the previous day.

Meanwhile, the rate remained at VND20,820 per dollar for buying, and VND20,870 per dollar for selling at Vietcombank.  The inter-bank dollar exchange rate also stood still at VND20,828 per dollar.

Internationally, gold sank to the lowest level in the past four and a half months as the Euro dropped drastically against the US dollar on fears that crisis-hit Greece could leave the eurozone, whereas lower prices attracted jewellery makers, and bargain hunters.

Gold for immediately delivery fell as much as $23.9 an ounce, or 1.5 per cent, to close at $1,557.5 an ounce in New York.

In Asia, the heavy metal declined $1.9 an ounce to trade at $1,555.6 an ounce at 9.20am Vietnamese time.

The Euro exchange rate against the US dollar was just above $1.28 a Euro in Tokyo this morning.

Crude oil futures for June delivery dropped $0.49 a barrel, or more than 0.5 per cent, to trade at $94.29 a barrel at 9.30am Vietnamese time.

By Thuy Doan

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