Gold, dollar decline

Price of gold in Vietnam retreated to VND41.5 million a tael (1.2 ounces) on May 29 although global price made slight rise.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.36 million and sold at VND41.56 million as of 11.05am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.46 million and sold at VND41.57 million as of 11.40am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.45 million for buying, and at VND40.75 million for selling at noon Vietnamese time.

Domestically, gold fetched VND1.9 million a tael, higher than global price.

Gold struggled to find direction in a range of VND41.5-41.7 million since last morning as global price rarely changed after the US market closed for Memorial Day.

On free market, dollars were bought at VND20,850 per dollar, and sold at VND20,870 per dollar, a decrease of VND30 per dollar over the previous day.

Meanwhile, Vietcombank still bought the greenback at VND20,830 per dollar, and sold at VND20,880 per dollar, unchanged from the previous day. 

Internationally, gold maintained weak rising momentum at the trading session in Asia this morning. However, pressure returned as the Euro weakened against the US dollar on renewed concerns about the debt crisis in Europe.

Gold for immediately delivery rose as much as $0.4 an ounce to trade at $1,575.1 an ounce at 10.30am Vietnamese time.

Spanish 10-year borrowing costs neared the 7 per cent danger mark while Bankia shares hit record low on Monday after the government proposed to put sovereign debt into the struggling lender to sort out its finances.

Euro exchange rate against the US dollar stood near a two-year low at just above $1.25 a Euro in Tokyo this morning from $1.26 a Euro yesterday.

Crude oil futures for June delivery slid $0.06 a barrel to trade at $91.17 a barrel at 10.20am Vietnamese time.

By Thuy Doan

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