Gold exceeds VND38 million

The price of gold in Vietnam jumped over VND38 million a tael (1.2 ounces) on July 11 although global price started week with a slight correction in the trading session in Asia.

Saigon Jewelry Company bought the metal at VND37.99 million and sold at VND38.05 million as of 10 am local time, an increase of VND70,000 over last weekend.

Sacombank Jewelry Company purchased gold at VND37.94 million and sold at VND38.04 million at the same time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.96 million and sold at VND38.04 million at the same time.

Domestically, gold fetched around VND400,000 a tael lower than global price as the former rose at a slower pace than the latter.

The dollar exchange rate against the Vietnamese dong at commercial banks significantly dropped this morning. State-owned Vietcombank bought the greenback at VND20,560 and sold at VND20,630, a decline of VND10 per dollar in buying price and VND30 per dollar in selling price over last Friday.

Meanwhile, the interbank exchange rate sank by VND5 per dollar to stand at VND20,608 per dollar, the lowest level since February.

Internationally, gold faintly dropped as a stronger US dollar eroded the appeal of the precious metal as an alternative asset.

Gold for immediate delivery fell as much as $0.2 an ounce over the closing price in New York to close at $1,545 an ounce as of 10 am Vietnamese time.

Last week, the metal gained nearly 4 percent on concerns over inflation in China, uncertainties on the US job market, and prolonged European sovereign-debt crisis.

The euro exchange rate against the US dollar retreated to $1.42 a euro in Tokyo this morning.

Crude oil futures for August delivery sank as much as $0.3 a barrel to close at $95.9 a barrel as of 10:30 am Vietnamese time.

By Da Nguyet

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