Gold fails to maintain lifetime record

The price of gold in Vietnam declined to VND39.8 million a tael (1.2 ounces) on July 26 from VND39.9 million the previous day as global price was unable to keep a record high.

The metal was bought VND39.76 million and sold at VND39.85 million at Saigon Jewelry Company as of 10 am local time.

Sacombank Jewelry Company quoted the price at VND39.77 million for buying and VND39.83 million for selling.

Yesterday, gold surged to an all-time high of VND39.95 million a tael.

Domestically, gold fetched around VND350,000 a tael lower than global price.

According to some gold traders, gold keepers should wait for a better price to sell gold. Buying demand on bullion market was mainly from minor transactions of people who bought the metal for long-term reserve or to cut loss, and pay their debts. Generally, most investors were cautious and precautious as the precious metal rose rapidly.

State-owned Vietcombank bought the greenback at VND20,560 and sold at VND20,610, an increase of VND10 per dollar in buying price. The inter-bank exchange rate stood firmly at VND20,608 per dollar.

Internationally, gold strongly escalated as US lawmakers remained deadlocked on how to tackle the country’s debt crisis and avert a default before an August 2 deadline, boosting demand for the precious metal as a store of value.

Gold for immediate delivery climbed as much as $14.5 an ounce, or 0.9 percent, to close at $1,615.8 an ounce on the Comex in New York after hitting a record at $1,622.5 an ounce.

In Asia, the metal faintly fluctuated between $1,614 and $1,616 an ounce this morning.

The euro exchange rate against the US dollar remained at $1.44 a euro in Tokyo this morning.

Crude oil futures for September delivery rose by $0.16 a barrel over the closing price in New York to trade at $99.36 a barrel as of 10:05 am Vietnamese time.

By Ngoc Thien

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