Gold rallies steadily

The price of gold in Vietnam surged to nearly VND37.7 million a tael (1.2 ounces) on May 26 while the US dollar declined for four straight days to a record low.

Sacombank Jewelry Company bought the metal at VND37.61 million and sold at VND37.67 million as of 10 am local time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.58 million and sold at VND37.68 million at the same time.

Domestically, gold fetched around VND500,000 a tael lower than global price.

Meanwhile, the interbank US dollar exchange rate continued to fall by VND5 per dollar over the previous day to VND20,658 this morning. The rate has continuously gone down this week.

State-owned Vietcombank lowered its exchange rate by VND30 per dollar over the previous day to bought the greenback at VND20,550 and sold at VND20,650.

Internationally, gold leaped forward for four consecutive trading sessions as Europe’s debt crisis continued fueling the demand for the metal as a protection of wealth.

Gold futures for June delivery rose $3.4 an ounce to settle at $1,526.7 an ounce on the Comex in New York. Earlier, the metal climbed to $1,532.3 an ounce, the highest level since May 4.

However, gold for immediate delivery slid $0.3 an ounce to close at $1,526.8 an ounce.

In Asia, the precious metal resumed rising trend this morning. Spot gold regained $3.2 an ounce over the closing price in New York to trade at $1,530 an ounce as of 10:35 am Vietnamese time.

The euro exchange rate against the US dollar stood at nearly $1.42 a euro in Asia this morning.

Crude oil futures for July settlement soared to $101.6 a barrel, the highest level in the past two weeks, on the New York Mercantile Exchange after the US Energy Department reported that fuel demand increased.

By Mai Tuyet

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