Gold makes small correction

Price of gold in Vietnam slid slightly after going up at the beginning of the trading session on June 18 as global price dropped due to investors’ cautiousness ahead of a US Federal Reserve meeting on Wednesday.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.04 million and sold at VND42.24 million as of 9.40am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND42.16 million and sold at VND42.27 million as of 9am Vietnamese time.
Bao Tin Minh Chau Jewelry Company quoted price at VND40.9 million for buying, and at VND41.2 million for selling at 11.50am Vietnamese time.
Domestically, gold fetched VND1.2 million a tael, higher than global price.
On free market, US dollar was bought at VND20,950 per dollar, and sold at VND20,970 per dollar, down VND10 per dollar in selling price over last weekend.
Meanwhile, Vietcombank bought the greenback at VND20,930 per dollar, and sold at VND20,990 per dollar. Eximbank purchased dollar at VND20,920, and sold at VND20,980 per dollar.

Internationally, in response to Greek pro-bailout party victory, gold edged up at the beginning of the trading session in Asia this morning along with the Euro but soon switch to losing trend as the metal’s safe-haven appeal waned.

In Asia, spot gold lost $3.4 an ounce to trade at $1,624.3 an ounce at 10.05am Vietnamese time.

Euro exchange rate against the US dollar hit a one-month high at above $1.27 a Euro in Tokyo this morning.
Crude oil futures for July delivery rose $0.8 a barrel, or nearly 1 percent, to trade at $84.83 a barrel at 10.25am Vietnamese time.

Investors are looking for hints of another round of quantitative easing in the US when the Federal Open Market Committee releases a policy statement at the end of its two-day meeting on Wednesday.

By Thuy Doan

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