Gold remains in downturn

Price of gold in Vietnam on July 10 slid slightly after edging up along with a modest recovery in global price while black market dollar failed to stay above VND20,900.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.66 million and sold at VND41.81 million as of 10.15am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.73 million and sold at VND41.81 million as of 10.20am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.25 million for buying, and at VND40.55 million for selling at 12.15pm Vietnamese time.

Domestically, gold fetched around VND1.9 million a tael, higher than global price.

On free market, the US dollar was bought at VND20,870 per dollar, and sold at VND20,890 per dollar, a decrease of VND10 per dollar from the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,860 per dollar for buying, and at VND20,900 per dollar for selling, up VND10 per dollar in buying price over the previous day.

Eximbank purchased dollars at VND20,840 per dollar, and sold at VND20,900 per dollar, unchanged as of the previous day.

Internationally, gold declined due to rising concerns over global economic slowdown after weaker-than-expected China trade data suggested decreasing domestic demand in the world’s second largest economy.

In Asia, gold for immediate delivery dropped $2.3 an ounce to trade at $1,586 an ounce at 9.50am Vietnamese time.

Spot gold rose as much as $4.9 an ounce, or 0.3 percent, to close at $1,588.3 an ounce in New York last night.

Yesterday, SPDR Gold Trust sold nearly 3.6 metric tons of gold, cutting its holdings to 1,275.5 metric tons.

However, a devaluing Euro remained the main source of pressure on the precious metal. President of European Central Bank yesterday signaled a possibility of further cut in its benchmark interest rate if the economy continues to worsen.

Euro exchange rate against the US dollar stood below $1.23 a Euro in Tokyo this morning, the lowest in the past two years.

Crude oil futures for August delivery lost $1.11 a barrel to trade at $84.78 a barrel at 10.35am Vietnamese time.

By Thuy Doan

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