Gold soars again

The price of gold in Vietnam gained VND120,000 a tael (1.2 ounces) over the previous day on July 6 as global price jumped 1.3 percent in the trading session last night in New York.

Most gold shops purchased the metal at VND37.65 million and sold at above VND37.7 million.

Sacombank Jewelry Company bought the metal at VND37.67 million and sold at VND37.73 million as of 10 am local time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.64 million and sold at VND37.72 million at the same time.

Domestically, gold fetched around VND50,000 a tael higher than global price.

The dollar exchange rate against the Vietnamese dong at commercial banks almost unchanged as of the previous day this morning. State-owned Vietcombank bought the greenback at VND20,560 and sold at VND20,630.

The interbank exchange rate remained at VND20,613 per dollar.

Internationally, gold advanced as concern over the Europe’s sovereign-debt crisis resurrected after credit rating agency Moody’s Investors Service cut Portugal’s credit rating by four levels, spurring demand for the precious metal as a protection of wealth.

The company also warned that Portugal might need a second rescue package beside the 78-billion-euro bailout package from the European Union and the International Monetary Fund last April.

Gold for immediate delivery rose as much as $20 an ounce to close at $1,517.3 an ounce on the Comex in New York.

Spot gold lost $3.5 an ounce over the closing price in New York to trade at $1,513.8 an ounce as of 10:15 am Vietnamese time.

The euro exchange rate against the US dollar was at nearly $1.45 a euro in Tokyo this morning, lightly dropped over the previous day. The shared currency was stable as investors expected that the European Central Bank will raise its benchmark rate in the meeting on July 7.

Crude oil futures for August delivery soared as much as $1.95 a barrel to close at $96.89 a barrel on the New York Mercantile Exchange.

This morning, crude oil surged $0.48 a barrel to trade at $97.37 a barrel as of 10:40 am Vietnamese time.

By Nam Giao

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