Gold slightly slides

The price of gold in Vietnam dropped by VND50,000 a tael (1.2 ounces) over the previous day on June 1 as global price slightly made correction.

Yesterday, the metal climbed to one-month high at nearly VND37.9 million a tael.

Sacombank Jewelry Company bought the metal at VND37.69 million and sold at VND37.77 million as of 11 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.68 million and sold at VND37.78 million at the same time.

Domestically, gold fetched VND350,000 a tael lowered than global price.

The interbank US exchange rate continued to drop by VND5 per dollar to VND20,638 per dollar, the lowest level since the end of February. However, most commercial banks raised their dollar exchange rate. State-owned Vietcombank added VND60 per dollar to buying price and VND40 per dollar to selling price. Thus, the greenback was bought at VND20,570 and sold at VND20,650.

Internationally, gold declined as the European debt crisis was getting better, signaling positive signs.

Gold for immediate delivery dropped by $4.8 an ounce to close at $1,535.3 an ounce on the Comex in New York.

In Asia, gold sank by $4.1 an ounce over the closing price in New York to $1,531.2 an ounce as of 11 am Vietnamese time.

Last month, the metal lost 1.8 percent.

The euro exchange rate against the US dollar was at above $1.44 a euro in Tokyo this noon, the highest level in the past three weeks. The shared currency was supported after the European Union signaled that they would prevent Greece from bankruptcy.

Crude oil futures for July settlement gained $2.11 a barrel to $102.7 a barrel on the New York Mercantile Exchange, the highest level since May 10.

This morning, crude oil surged to $103 a barrel.

By Kha Lam

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