Gold retreats to VND41 million

Price of gold in Vietnam failed to maintain recovery this morning, retreating to near VND41 million a tael (1.2 ounces) on May 24 as global price was still chased by losing trend after a European Union summit meeting yielded just few practical steps to soothe the debt crisis.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.15 million and sold at VND41.35 million as of 11.13am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND41.23 million and sold at VND41.38 million as of 11.15am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40 million for buying, and VND40.3 million for selling at 11.20am Vietnamese time.

Early morning, gold surged to VND41.5 million a tael but gold shops had to lower gold price continuously because of weak buying demand, though global price slowed down losing pace.

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

On free market, dollars were bought at VND20,860 per dollar, and sold at VND20,880 per dollar, a decrease of VND10 per dollar over the previous day.

Vietcombank bought the greenback at VND20,830 per dollar, and sold at VND20,880 per dollar, up VND10 per dollar from previous day. 

Internationally, gold dropped the fourth day as concerns about Greece and the eurozone still weighed on market sentiment after a European Union summit did not reach any specific solution to manage the region’s sovereign-debt crisis.

Gold for immediate delivery fell as much as $6 an ounce to close at $1,563.3 an ounce in New York. Earlier, the heavy metal sank to $1,532 an ounce.

In Asia, the heavy metal slipped $2.5 an ounce to trade at $1,560.8 an ounce at 10.35am Vietnamese time.

Euro exchange rate against the US dollar plunged to lowest level in past two years. This morning, the Euro stood at below $1.26 in Tokyo.

Crude oil also dived to a seven-month low. Crude oil futures for June delivery rose $0.63 a barrel to trade at $90.51 a barrel at 10.40am Vietnamese time.

By Thuy Doan

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