Gold sets new record at above VND40 million

Global gold price approached an all-time high as investors sought to protect their wealth against the possibility of a US default that may come as soon as next week, sending the price of gold in Vietnam to nearly VND40.1 million a tael (1.2 ounces) on July 27.

Sacombank Jewelry Company bought the metal at VND40.01million and sold at VND40.07 million at 8:50 am local time.

Hanoi-based Phu Quy Jewelry Company bought SJC-brand gold at VND39.98 million and sold at VND40.09 million.

Domestically, gold fetched VND250,000 lower than global price.

On the foreign currency exchange market, the rate stood steadily at VND20,560 for buying and VND20,610 for selling at Vietcombank. The inter-bank exchange rate was unchanged at VND20,608 per dollar.

Internationally, gold soared to record the sixth time in two weeks as concerns over a potential default or a cut of the US AAA rating if its lawmakers fail to reach a deal before August 2, bolstering demand for the metal as a protection of wealth.

Gold for immediate delivery gained as much as $5.1 an ounce, or 0.3 percent, to close at $1,620.9 an ounce on the Comex in New York.

In Asia, the metal added up $2.5 an ounce to trade at $1,623.4 an ounce as of 9:15 am Vietnamese time.

In Tokyo, the euro exchange rate against the US dollar climbed to $1.45 a euro this morning from $1.44 the previous day.

Crude oil futures for September settlement lost $0.41 a barrel to trade at $99.18 a barrel in New York as of 9:30 am Vietnamese time.

By Thien Trung

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