Gold slumps sharply

Price of gold in Vietnam lost VND400,000 a tael (1.2 ounces) on May 30 affected by a decline of 1.2 per cent in global price at the trading session in New York last night.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, bought the metal at VND40.97 million and sold at VND41.27 million as of 11.33am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.15 million and sold at VND41.3 million as of 11.10am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.1 million for buying, and at VND40.4 million for selling at 11.45am Vietnamese time.

Trading on bullion market remained subdued. However, buying demand was a little bit stronger than selling demand.

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

On free market, dollars were bought at VND20,860 per dollar, and sold at VND20,880 per dollar, up VND10 per dollar over the previous day.

Meanwhile, Vietcombank also increased its rate by VND10 per dollar from the previous day to buy the greenback at VND20,840 per dollar, and sell at VND20,890 per dollar.

Internationally, gold slumped as investors panicked on heightened concerns about the debt crisis in Europe after Spain's borrowing costs spiraled towards unsustainable levels. 

Gold for immediately delivery fell as much as $18.9 an ounce to close at $1,555.8 an ounce in New York.

In Asia, spot gold stood at $1,549.3 an ounce, down $6.5 an ounce at 10.20am Vietnamese time.

Euro exchange rate against the US dollar sank to a two-year low at below $1.25 a Euro in Tokyo this morning.

Crude oil futures for June delivery tripped $0.41 a barrel to trade at $90.35 a barrel at 10.30am Vietnamese time.

By Thuy Doan

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