Gold suddenly rises to VND38 million

The price of gold in Vietnam unexpectedly hit VND38 million a tael (1.2 ounces), the highest level since April 30, on June 6 thanks to the rising momentum on global market.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.94 million and sold at VND38 million as of 10:05 am local time.

Sacombank Jewelry Company bought the metal at VND37.91 million and sold at VND37.99 million as of 10:15 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.91 million and sold at VND38 million at the same time.

Domestically, gold fetched VND450,000 a tael lowered than global price.

The interbank US exchange rate still stayed at VND20,628 per dollar since last Saturday. State-owned Vietcombank bought the greenback at VND20,530 and sold at VND20,610, unchanged as of last Friday.

Internationally, gold advanced as the US dollar weakened, prompting investors to seek for the precious metal as a safe-haven.

The Europe’s sovereign-debt turmoil remained at a standstill. Meanwhile, negative economic data released recently, especially the report on job market, raised concerns over outlook of growth of the world’s largest economy. The Wall Street flooded in red for five straight weeks as investors hesitated to pump their money into high-risk investment channel.

Gold for immediate delivery surged by $2.9 an ounce over the closing price in New York to trade at $1,546.3 an ounce as of 10:45 am Vietnamese time.

The euro exchange rate against the US dollar was at above $1.46 a euro in Tokyo this morning from $1.45 a euro last weekend.

Crude oil traded above $100 a barrel in New York this morning, slightly slid over last weekend.

By Hoang Nhan

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