Gold slowly moves toward VND38 million

The price of gold in Vietnam was approaching VND38 million a tael (1.2 ounces) on May 31 as the metal gradually advanced in the past two weeks.

Sacombank Jewelry Company bought the metal at VND37.74 million and sold at VND37.8 million as of 10:20 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.71 million and sold at VND37.81 million at the same time.

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

According to gold traders, gold continuously soared, prompted many investors to sell the metal to book profits. Meanwhile, buying demand remained low due to concerns over measures to control bullion market.

Although the losing momentum had temporarily ceased on foreign currency market, the US dollar exchange rate against the Vietnamese dong has not recovered. The interbank US exchange rate stalled at VND20,643 per dollar. State-owned Vietcombank bought the greenback at VND20,510 and sold at VND20,610.

Internationally, gold moved faintly as the US market closed for Memorial Day. The metal still stayed at a four-week high and might advance further this week.

Gold for immediate delivery surged by $2.6 an ounce to close at $1,540.1 an ounce on the Comex in New York on May 30.

In Asia, gold slid by $3.8 an ounce to $1,536.3 an ounce this morning.

The Europe’s sovereign-debt crisis remained in the limelight. The Wall Street Journal reported that the European Union was planning to disburse the second bailout package to rescue Greece from bankruptcy. After the news was released the shared currency strongly bounced, peaking $1.44 a euro this morning, the highest level in the past three weeks.

Crude oil futures for July settlement climbed $0.65 a barrel over the closing price the previous day to $100.33 a barrel as of 10:40 am Vietnamese time in New York.

By Linh Nga

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