Gold soars to three-week high

Price of gold in Vietnam hit its highest level in the past three weeks on July 26 as global price jumped 1.5 percent at the trading session in New York last night on expectations that the European Central Bank would increase capacity of the region’s rescue fund.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.82 million and sold at VND41.97 million as of 10.30am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.9 million and sold at VND41.98 million at 9am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.4 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 VND20,870 per dollar, and sold at VND20,895 per dollar, an increase of VND10 per dollar in buying price, and VND15 per dollar in selling price over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,870 per dollar for buying, and at VND20,910 per dollar for selling, up VND15 per dollar in buying price from the previous day.

Eximbank purchased dollars at VND20,840 per dollar, and sold at VND20,900 per dollar, a decrease of VND10 per dollar over the previous day.

Internationally, gold slid marginally at the trading session in Asia this morning after hitting a three-week high at the trading session in New York as the Euro retreated from gains sparked by expectations that ECB will intervene to buoy the eurozone's ailing finances after an official suggested leveraging a rescue fund to increase its capacity.

Gold for immediate delivery slipped $0.1 an ounce to trade at $1,605.7 an ounce at 9am Vietnamese time.

Last night, spot gold surged $23.7 an ounce to close at $1,605.8 an ounce in New York.

Euro exchange rate against the US dollar rose to above $1.21 a Euro in Tokyo this morning.

Crude oil futures for August delivery lost $0.26 a barrel to trade at $88.71 a barrel at 9.10am Vietnamese time.

By Thuy Doan

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