Gold prolongs losing momentum

Price of gold in Vietnam dropped marginally over the previous day on July 12 as global price fell significantly at the trading session in Asia this morning after weak recovery at the trading session in New York last night, while dollar exchange rate stalled below VND20,900 per dollar.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.54 million and sold at VND41.69 million as of 10.10am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.63 million and sold at VND41.69 million as of 10.35am 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.

Domestically, gold fetched VND2.1 million a tael higher than global price.

On free market, the US dollar stalled at VND20,870 per dollar for buying, and at VND20,890 per dollar for selling.

Meanwhile, Vietcombank quoted the rate at VND20,855 per dollar for buying, and at VND20,890 per dollar for selling, a decrease of VND5 per dollar over the previous day.

Eximbank purchased dollars at VND20,830 per dollar, and sold at VND20,890 per dollar, down VND10 per dollar from the previous day.

Internationally, gold dipped as investors remained cautious after minutes of the meeting showed that the US Federal Reserve was unlikely to launch more monetary stimulus until US economic conditions weakened further.

In Asia, gold for immediate delivery declined $5.1 an ounce to trade at $1,572.5 an ounce at 10am Vietnamese time.

Spot gold rose as much as $10.1 an ounce, or 0.6 percent, to close at $1,577.6 an ounce in New York last night.

Euro exchange rate against the US dollar fell to just above $1.22 a Euro in Tokyo this morning.

Crude oil futures for August delivery slid $0.07 a barrel to trade at $85.74 a barrel at 10.10am Vietnamese time.

By Thuy Doan

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