Gold edges down

Price of gold in Vietnam edged down on July 30 as global price opened week with a slightly losing trend.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.95 million and sold at VND42.1 million as of 11.10am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND42.04 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 VND1.3 million a tael higher than global price.

When the metal surpassed VND42 million a tael and hit a three-week high, many investors increased selling gold to take profits.

On free market, the US dollar was bought at VND20,870 per dollar, and sold at VND20,890 per dollar, unchanged as of last weekend.

Meanwhile, Vietcombank quoted the rate at VND20,850 per dollar for buying, and at VND20,885 per dollar for selling, down VND15 per dollar from last Friday.

Eximbank purchased dollars at VND20,830 per dollar, and sold at VND20,890 per dollar, a decrease of VND10 per dollar in selling price over last Friday.

Internationally, gold slipped at the trading session in Asia this morning as investors waited for the US Federal Reserve and European Central Bank meetings later this week for clearer cues on the potential of further monetary stimulus.

In Asia, gold for immediate delivery lost $2.3 an ounce to trade at $1,622.3 an ounce at 9am Vietnamese time.

SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, sold 15 metric tons of gold in the last two weeks. Meanwhile, physical demand of gold from India remained static.

In addition, data from the US Commodity Futures Trading Commission showed that hedge funds and money managers cut their net positions in gold futures and options by about 25 percent in the week ending July 24.

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

Crude oil futures for September delivery dipped $0.11 a barrel to trade at $90.02 a barrel at 9.10am Vietnamese time.

By Thuy Doan

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