Gold and dollar edge up

The price of gold in Vietnam surged by VND100,000 a tael (1.2 ounces) over the previous day on June 30 despite a faint rise in global price.

The precious metal was bought at VND28.55 million and sold at VND28.6 million at most gold shops.

Domestically, gold fetched VND300,000 less than the global price.

In Ho Chi Minh City, Saigon Jewelry Co., the biggest gold shop in Vietnam, purchased the metal at VND25.54 and sold at VND28.6 million.

At Sacombank Jewelry Co., bullion was bought at VND28.53 million and sold at VND28.57 million.

Meanwhile, in Hanoi, Phu Quy Jewelry Co. bought SJC-brand gold at VND28.54 million and sold at VND28.62 million.

According to gold traders, buying demand improved on speculation that global prices would make new records in the near future. In addition, the gold supply became scarce after some wholesalers fostered exporting gold in May and June.

The dollar exchange rate rose by VND50 per dollar over previous day. On free market, dollars were bought at VND19,070 and sold at VND19,090.

At commercial banks, the rate was fixed at VND19,100 per dollar.

Globally, gold filled the safe-haven role in the June 29 trading session in New York. The metal climbed even as the US dollar made sharp gains against the euro. International investors bought gold and dollars heavily to prevent economic risks and a slump of stock markets.

Spot gold rose as much as $3 an ounce after opening day at above $1,238 an ounce.

In Asia, the price inched up by $0.9 to $1,241.7 an ounce as of 9:40 am Vietnamese time.

SPDR Gold Trust, the largest gold-backed exchange-traded fund, bought 4.2 metric tons of gold, increased its holdings to a record 1,320.4 metric tons, figures on the company website showed.

The dollar exchange rate against the euro was at $1.22 this morning, down from $1.23 yesterday.

Crude oil dropped for the third straight day, extending its longest losing streak in six weeks, after the Conference Board said the US consumer confidence fell more than expected.

August delivery of light sweet crude oil fell $2.31 a barrel, or 3 percent, to $75.94 a barrel.

This morning, the liquid continued to move backwards to near $75 a barrel.

By Luu Ly

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