Gold slightly edges up; dollar cools down

The price of gold in Vietnam on July 5 inched up to near VND28.4 million a tael (1.2 ounces) over last weekend.

Hanoi-based Phu Quy Jewelry Co. bought SJC-brand gold at VND28.33 million and sold at VND28.4 million.

In Ho Chi Minh City, Sacombank Jewelry purchased the metal at VND28.33 million and sold at VND28.37 million.

Domestically, the prices stalled while global prices rose slightly. According to gold traders, this was caused by a slump of the US dollar exchange rate against the Vietnamese dong after the rate had jumped to VND19,150 per dollar last weekend.

Trading volume has been subdued in recent days; however, buying has improved and has taken the upper hand after the metal fell below VND28.3 million last week.

On free market, dollars were traded at VND19,120, a decrease of VND30 per dollar over last weekend.

Meanwhile, the rate at commercial banks was stable. State-owned Vietcombank continued to sell dollars at VND19,095. However, it bought the greenback at VND19,065 instead of VND19,040.

Globally, the precious metal swung between $1,212 and $1,214 an ounce this morning.

Last week, bullion lost 3.5 percent as the European financial industry was in better shape than estimated.

The dollar exchange rate against the euro remained above $1.25.

Crude oil slightly rose to $72.5 a barrel this morning after dropping 8.5 percent last week.

By Thuong Nhan

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