Gold falls further

Price of gold in Vietnam lost by VND100,000 a tael (1.2 ounces) over the previous day on July 11 but failed to reflect a decrease of 1.3 percent in global price at the trading session in New York last night, widening the gap between domestic and global price to VND2.3 million a tael.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.56 million and sold at VND41.71 million as of 11.15am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.66 million and sold at VND41.72 million as of 11.30am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.15 million for buying, and at VND40.45 million for selling at 11.45am Vietnamese time.

On free market, the US dollar was bought at VND20,870 per dollar, and sold at VND20,890 per dollar, unchanged from the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,860 per dollar for buying, and at VND20,895 per dollar for selling, a decrease of VND5 per dollar in selling price over the previous day.

Eximbank purchased dollars at VND20,840 per dollar, and sold at VND20,900 per dollar, unchanged as of the previous day.

Internationally, gold fell most since late June as a stronger US dollar curbed demand for the precious metal.

The Euro exchange rate against the US dollar continued to be pinned at a two-year low after a meeting of eurozone finance ministers disappointed some investors looking for more progress on resolving the region's debt crisis.

Eurozone finance ministers failed to agree on a final figure to aid ailing Spanish banks, although the European Union has set aside 30 billion Euros to be available by the end of July if there is an urgent need.

In Asia, gold for immediate delivery recovered $6.9 an ounce to trade at $1,574.4 an ounce at 8.50am Vietnamese time.

Spot gold fell as much as $20.8 an ounce, or 1.3 percent, to close at $1,567.5 an ounce in New York last night.

Euro exchange rate against the US dollar remained below $1.23 a Euro in Tokyo this morning.

Crude oil futures for August delivery rose $0.43 a barrel, or 0.5 percent, to trade at $84.34 a barrel at 9.10am Vietnamese time.

By Thuy Doan

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