Gold retrieves VND100,000 a tael

The price of gold in Vietnam rebounded by VND100,000 a tael (1.2 ounces) on June 10 as global price slightly recovered due to a weakening US dollar.

(Photo: Uyen Phuong)

Sacombank Jewelry Company bought the metal at VND37.89 million and sold at VND37.97 million as of 11 am local time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.9 million and sold at VND37.97 million at the same time.

Other jewelers also purchased the metal at VND37.9 million and sold at nearly VND38 million.

According to gold traders, trading on bullion market changed back to muted status after people already sold gold to take profits when the metal climbed to above VND38 million.

Domestically, gold fetched around VND400,000 a tael lower than global price.

The dollar exchange rate against the Vietnamese dong at commercial banks continued to decline. State-owned Vietcombank bought the greenback at VND20,530 and sell at VND20,600, a decrease of VND10 per dollar in buying price and VND20 per dollar in selling price over the previous day.

Meanwhile, the interbank US dollar exchange rate maintained at VND20,623.

Internationally, gold regain in New York as a weaker US dollar, concerns about Europe’s sovereign debt crisis, gloomy outlook for the US economy bolstered demand for the precious metal as store of value.

Gold for immediate delivery rose as much as $6.7 an ounce over the previous trading session to settle at $1,545.3 an ounce on the Comex in New York.

In Asia, the precious metal slightly slid. Spot gold traded at $1,543.5 an ounce as of 11:30 am Vietnamese time.

The US dollar lightly dropped against the euro after the European Central Bank signaled that it would raise its benchmark interest rate next month. Whereas, negative economic data released recently convinced investors that the US Federal Reserve would keep its benchmark interest rate at a record low for longer. The euro exchange rate against the US dollar stood above $1.45 a euro in Tokyo this morning.

Crude oil futures for July settlement rose as much as $1.19 a barrel, or 1.2 percent, to close at $101.93 a barrel on the New York Mercantile.

This morning, crude oil fluctuated around $101.8 a barrel. Crude oil surged as the OPEC refused to increase production quotas.

By Linh Nga

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