Gold barely moves

Price of gold in Vietnam retreated after jumping to VND41.8 million a tael (1.2 ounces) on June 28 as global price struggled to climb ahead of a European summit which is unlikely to deliver new measures to soothe the current debt turmoil.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.58 million and sold at VND41.73 million as of 10.35am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.65 million and sold at VND41.75 million as of 10.25am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.15 million for buying, and at VND40.45 million for selling at 12.10pm Vietnamese time.

Currently, non-SJC brand gold was trading at VND1.14-1.49 million lower than SJC-brand gold.

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

On free market, the US dollar was bought at VND20,900 per dollar, and sold at VND20,920 per dollar, a decrease of VND20 per dollar from the previous day.

Meanwhile, Vietcombank still kept the rate at VND20,860 per dollar for buying, and at VND20,920 per dollar for selling.

Eximbank purchased dollars at VND20,860 per dollar, and sold at VND20,920 per dollar, up VND10 per dollar over the previous day.

Internationally, gold ticked ahead of a European summit meeting amid investors’ cautiousness and speculation that the meeting of European leaders would not yield any solution to tackle the sovereign-debt crisis in Europe as conflict between France and Germany deepened.

The European debt crisis dragged the shared currency down and brought down the precious metal. Gold failed to perform its role as a safe haven and a hedge against inflation. Losses in other investment channels also forced investors to cash in gold.

Spot gold rose as much as $1.6 an ounce to close at $1,575.2 an ounce in New York last night.

In Asia, gold for immediate delivery gained $1.7 an ounce to trade at $1,576.9 an ounce at 10am Vietnamese time.

Euro exchange rate against the US dollar remained below $1.25 a Euro in Tokyo this morning.

Crude oil futures for July delivery rose $0.23 a barrel to trade at $80.44 a barrel at 10.10am Vietnamese time.

By Thuy Doan

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