Gold retreats marginally

Price of gold in Vietnam fell by VND100,000 a tael (1.2 ounces) over the previous day on August 1 as global price continuously made correction.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.85 million and sold at VND42 million as of 8.05am Vietnamese time.

Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND41.93 million and sold at VND42 million at the same time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.45 million for buying, and at VND40.75 million for selling at 11.30am Vietnamese time.

Domestically, gold fetched VND1.5 million a tael higher than global price.

On free market, the US dollar was bought at VND20,860 per dollar, and sold at VND20,880 per dollar, a drop of VND5 per dollar over previous day.

Meanwhile, Vietcombank quoted the rate at VND20,850 per dollar for buying, and at VND20,885 per dollar for selling, unchanged as of the previous day.

Eximbank purchased dollars at VND20,830 per dollar, and sold at VND20,890 per dollar, a decrease of VND10 per dollar in selling price over the previous day.

Internationally, gold edged down as investors were cautiously waiting for the US Federal Reserve to announce its decision on monetary policy. Moreover, markets also awaited whether the European Central Bank drew any new solution to drive the eurozone out of the sovereign-debt crisis.

In Asia, gold for immediate delivery dropped $2.3 an ounce to trade at $1,613.6 an ounce at 9am Vietnamese time.

Last night, gold tumbled $7 an ounce to close at $1,615.9 an ounce in New York.

After selling for many consecutive trading sessions, SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, bought more than 3 metric tons, increasing its holdings to 1,251.9 metric tons.

Euro exchange rate against the US dollar remained below $1.23 a Euro in Tokyo this morning.

Crude oil futures for September delivery slipped $0.39 a barrel to trade at $87.67 a barrel at 9.15am Vietnamese time.

By Thuy Doan

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