Gold hovers around VND41.4 million

Price of gold in Vietnam hovered around VND41.4 million a tael (1.2 ounces) on May 25 as global price stalled.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.14 million and sold at VND41.34 million as of 10.33am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.23 million and sold at VND41.38 million as of 10.16am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40 million for buying, and at VND40.3 million for selling at 11.50am Vietnamese time.

Domestically, gold fetched VND2.2-2.3 million a tael, higher than global price.

On free market, dollars were bought at VND20,870 per dollar, and sold at VND20,890 per dollar, up VND10 per dollar over the previous day.

Meanwhile, Vietcombank bought the greenback at VND20,830 per dollar, and sold at VND20,880 per dollar. 

Internationally, gold prolonged losing momentum by fears that the European debt crisis could spiral out of control and trigger a global economic slowdown.

Gold for immediately delivery lost as much as $4.5 an ounce to close at $1,558.8 an ounce in New York.

In Asia, the heavy metal recovered briefly before resuming losing trend at the trading session this morning. Spot gold cut $3.7 an ounce to trade at $1,555.1 an ounce at 10am Vietnamese time.

The precious metal has lost around 6 per cent this month, and is heading for the weakest monthly performance since December as the debt crisis in Europe escalated, urging investors to dump risk assets, causing the Euro to drop drastically.

Euro exchange rate against the US dollar remained at a two-year low at just above $1.25 a Euro. This week, the shared currency devalued nearly 2 per cent.

Crude oil futures for June delivery rose $0.08 a barrel to trade at $90.74 a barrel at 10.10am Vietnamese time.

By Thuy Doan

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