Gold hangs around VND42 million

Price of gold in Vietnam dropped by nearly VND500,000 a tael (1.2 ounces) on June 4 while global price sank due to profit-taking.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.91 million and sold at VND42.06 million as of 11.11am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.01 million and sold at VND42.16 million as of 12.23pm Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.95 million for buying, and at VND41.25 million for selling at 12.45pm Vietnamese time.

Last weekend, the heavy metal suddenly jumped to VND42.5 million a tael, the highest level in the past month.

Domestically, gold fetched VND1.3 million a tael, higher than global price as local low demand could not manage to maintain a wide gap between local and global prices.

On free market, dollars were bought at VND20,865 per dollar, and sold at VND20,885 per dollar, down VND5 per dollar from last weekend.

Internationally, gold declined at the trading session in Asia this morning as some investors sold gold to lock in gain. Last Friday, gold soared 4.2 per cent, the strongest pace in the past three years, after surprisingly weak US job market data fueled speculation of further monetary easing.

Gold for immediately delivery fell as much as $5 an ounce to trade at $1,622.3 an ounce at 10.15am Vietnamese time. Earlier, the heavy metal sometimes lost $10 an ounce.

Euro exchange rate against the US dollar was below $1.24 a Euro in Tokyo this morning.

Crude oil futures for July delivery vapourised $0.86 a barrel, or 1 per cent, to trade at $82.36 a barrel at 10.30am Vietnamese time.

By Thuy Doan

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