Gold surges above VND42 million

Price of gold in Vietnam surpassed VND42 million a tael (1.2 ounces) on July 27 thanks to rising momentum in global price at the trading session in New York last night triggered by European Central Bank president’s statement.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.9 million and sold at VND42.1 million as of 10am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND42.02 million and sold at VND42.1 million at 9.30am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.5 million for buying, and at VND40.8 million for selling at 11.30am Vietnamese time.

Domestically, gold fetched VND1.45 million a tael higher than global price.

Trading on bullion market became more vibrant than previous days with most investors selling the precious metal to take profits as the price has not hit VND42 million a tael for a long time.

On free market, the US dollar was bought at VND20,865 per dollar, and sold at VND20,900 per dollar, an increase of VND10 per dollar in buying price, and VND5 per dollar in selling price over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,865 per dollar for buying, and at VND20,900 per dollar for selling, down VND5 per dollar in buying price, and VND10 per dollar in selling price from the previous day.

Eximbank purchased dollars at VND20,830 per dollar, and sold at VND20,900 per dollar, a decrease of VND10 per dollar in buying price over the previous day.

Internationally, gold advanced as sentiment improved after ECB President Mario Draghi signaled that the bank would do whatever it takes to hold the eurozone together.

In Asia, gold for immediate delivery slid $2 an ounce to trade at $1,615.1 an ounce at 9am Vietnamese time.

Last night, spot gold surged $11.3 an ounce, or 0.7 percent, to close at $1,617.1 an ounce in New York.

This week, the metal has gained 2 percent, the strongest weekly gain since the beginning of this month, and is standing at a three-week high.

Euro exchange rate against the US dollar rose to nearly $1.23 a Euro in Tokyo this morning.

Crude oil futures for August delivery added up $0.06 a barrel to trade at $89.45 a barrel at 9.20am Vietnamese time.

By Thuy Doan

Other news