Gold struggles to rise

Price of gold in Vietnam struggled to surpass VND41.7 million a tael (1.2 ounces) on July 25 thanks to a modest rise in global price while dollar exchange rate climbed in both bank and black market.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.6 million and sold at VND41.76 million as of 9.30am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.68 million and sold at VND41.76 million as of 9.30am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.15 million for buying, and at VND40.45 million for selling at 11.20am Vietnamese time.

Domestically, gold fetched VND2 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, an increase of VND10 per dollar over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,860 per dollar for buying, and at VND20,910 per dollar for selling, up VND15 per dollar in buying price, and VND30 per dollar in selling price from the previous day.

Eximbank purchased dollars at VND20,850 per dollar, and sold at VND20,910 per dollar, an increase of VND20 per dollar and VND10 per dollar respectively over the previous day.

Internationally, gold rallied slightly despite a slump in Wall Street and other essential commodities as sluggish economic data kept alive hopes for further monetary stimulus although improved Chinese factory output indicated that stimulus measures have begun to boost the world’s second largest economy.

In Asia, gold for immediate delivery rose $2.5 an ounce to trade at $1,584.6 an ounce at 9.15am Vietnamese time.

Last night, spot gold surged $4.4 an ounce to close at $1,582.1 an ounce in New York.

Spanish borrowing on short-term debt soared to near the highest level since the birth of the Euro at an auction yesterday.

Meanwhile, European Union officials said that Greece was unlikely to meet the term of its bailout, casting fresh doubt on its future in the eurozone.

Euro exchange rate against the US dollar fell to a two-year low of below $1.21 a Euro in Tokyo this morning.

Crude oil futures for August delivery dipped $0.15 a barrel to trade at $88.35 a barrel at 9.25am Vietnamese time.

By Thuy Doan

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