Gold poises above VND38 million

The price of gold in Vietnam slightly rose over the previous day to trade above VND38 million a tael (1.2 ounces) on June 7 as global price still maintained light rising momentum.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.97 million and sold at VND38.04 million.

Sacombank Jewelry Company bought the metal at VND37.93 million and sold at VND38.01 million.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.93 million and sold at VND38 million.

Domestically, gold still fetched around VND450,000 a tael lowered than global price.

The interbank US exchange rate still stayed at VND20,628 per dollar. However, the exchange rate highly climbed at commercial banks. State-owned Vietcombank bought the greenback at VND20,540 and sold at VND20,640, an increase of VND10 per dollar in buying price and VND30 per dollar in selling price.

Internationally, gold continued to rally as a weaker US dollar boosted the demand for the precious metal as an alternative asset.

Gold for immediate delivery rose as much as $1.5 an ounce to close at $1.544.9 an ounce on the Comex in New York. Earlier, the metal surged to one-month high at $1,555 an ounce. Gold hit an all-time high of $1,575 an ounce at the beginning of May.

In Asia, gold was traded at $1,543.6 an ounce as of 9 am Vietnamese time.

The euro exchange rate against the US dollar was at $1.46 a euro in Tokyo this morning as concerns over the US faltering economy overwhelmed concerns over the Europe’s sovereign-debt crisis, causing depreciating pressure on the greenback.

Holdings at SPDR Gold Trust, the largest exchange traded fund backed by bullion was at 1,212.9 metric tons, the company’s website showed.

Light sweet crude oil futures for July settlement lost as much as $1.21 a barrel, or 1.2 percent, to close at $99.01 a barrel on the New York Mercantile Exchange.

This morning, crude oil retreated to around $98.7 a barrel.

By Gia Han

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