Gold remains almost unchanged

Price of gold in Vietnam hovered below VND41.7 million a tael (1.2 ounces) on July 13 as global price maintained losing momentum while dollar exchange rate rose to above VND20,900 per dollar after standing below this level for a few days.

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 10.45am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.62 million and sold at VND41.69 million as of 10.25am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.1 million for buying, and at VND40.4 million for selling at 11.15am Vietnamese time.

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

On free market, the US dollar was bought at VND20,880 per dollar, and sold at VND20,900 per dollar, an increase of VND10 per dollar over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,850 per dollar for buying, and at VND20,885 per dollar for selling, down VND5 per dollar over the previous day.

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

Internationally, gold inched down, heading for a second consecutive week of losses as concerns about the eurozone debt crisis and a lack of sign on stimulus from the US Federal Reserve spurred demand for the greenback.

In Asia, gold for immediate delivery cut $1.9 an ounce to trade at $1,571.3 an ounce at 10.20am Vietnamese time.

Spot gold dipped as much as $4.4 an ounce to close at $1,573.2 an ounce in New York last night. Earlier, the metal sank to $1,553 an ounce.

Investors are eyeing Italy's 5.25 billion Euro bond auction on Friday after Moody's Investors Service downgraded the country's government debt rating by two notches and warned it could cut it further.

Gold and other risk assets were under pressure after China released its second-quarter growth data which showed the world's second-largest economy grew at the slowest pace since early 2009.

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

Crude oil futures for August delivery lost $0.21 a barrel to trade at $85.87 a barrel at 10.30am Vietnamese time.

By Thuy Doan

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