Gold regains on global recovery

The price of gold in Vietnam recovered by VND300,000 a tael (1.2 ounces) on July 21 as global price restored 0.8 percent in the trading session last night.

Sacombank Jewelry Company purchased gold at VND39.46 million and sold at VND39.52 million as of 9:05 am local time.

Saigon Jewelry Company bought the metal at VND39.47 million and sold at VND39.55 million as of 9:28 am local time.

Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND39.43 million and sold at VND39.53 million at the same time.

Domestically, gold fetched around VND400,000 a tael lower than global price.

The US dollar exchange rate against the Vietnamese dong strongly jumped at commercial banks last afternoon. State-owned Vietcombank bought the greenback at VND20,570 and sold at VND20,670, an increase of VND20 per dollar in buying price and VND70 per dollar in selling price. The new exchange rate was maintained to this morning.

Internationally, gold rebounded as a weaker US dollar boosted demand for the metal as an alternative asset.

Gold for immediate delivery rose as much as $13.1 an ounce over the previous trading session to close at $1,602.9 an ounce on the Comex in New York. Earlier, the metal moved in a wide range between $1,580 and $1,603 an ounce.

In Asia, gold slightly slid in the trading session this morning. Spot gold lost $1.7 an ounce to trade at $1,601.2 an ounce as of 9:05 am Vietnamese time.

Investors became cautious ahead of a meeting of European leaders today. Germany and France agreed on a joint position to solve Greece’s debt crisis before the summit in Brussels. Meanwhile, the US government signaled it may accept a short- term rise in the country’s debt limit before an August 2 deadline.

The euro exchange rate against the US dollar was at nearly $1.43 a euro in Tokyo this morning.

Crude oil futures for August delivery traded at $98.14 a barrel as of 9:30 am Vietnamese time.

By Sao Khue

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