Gold recovers marginally

Price of gold in Vietnam recovered to VND41 million a tael (1.2 ounces) but soon showed signs of losing trend again on May 17 while global price remained under depreciation pressure due to gloomy news on the European sovereign-debt crisis.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND40.9 million and sold at VND41.1 million as of 10.55am Vietnamese time. Earlier, the metal rebounded to VND41.17 million.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.02 million and sold at VND41.14 million as of 10.59am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.15 million for buying, and at VND40.45 million for selling at 12pm Vietnamese time.

Domestically, gold fetched VND2.1-2.2 million a tael, higher than global price.

Although local gold was much more expensive than global price, people still increased buying.

On free market, dollars were bought at VND20,860 per dollar, and sold at VND20,880 per dollar, unchanged from the previous day.

Meanwhile, Vietcombank still bought the greenback at VND20,820 per dollar, and sold at VND20,870 per dollar. 

Internationally, gold see-sawed as on one hand, investors expected that Germany and France would have to take action to maintain the eurozone unity, on the other hand, concerns were raised as Greeks flocked to withdraw cash from banks.

Gold for immediately delivery fell as much as $4 an ounce to close at $1,541.3 an ounce in New York. Earlier, the metal plunged to around $1,530 an ounce, the lowest level since late December last year.

In Asia, gold regained faintly at the trading session this morning. Spot gold revived $5.3 an ounce to trade at $1,546.6 an ounce at 9.35am Vietnamese time.

Euro exchange rate against the US dollar was at $1.27 a Euro in Tokyo this morning. Yesterday, the shared currency sank to a four-month low at below $1.27.

Crude oil futures for June delivery rose $0.26 a barrel to trade at $93.07 a barrel at 10am Vietnamese time.

By Thuy Doan

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