Gold stalls at new high

The price of gold in Vietnam climbed to VND28.22 million a tael (1.2 ounces) on May 13, the highest level in five months, as the global price continued to break all time highs.

At most gold shops, bullion was bought at VND28.12 million and sold at VND28.22 million. Trading muted as investors waited for the next movement of the precious metal.

Globally, spot gold rose by US$5.7 an ounce, or 0.5 percent, to close at $1,238.1. Earlier, the metal hit an all-time high of $1,249.6 an ounce.

In Asia, the metal hovered around $1,237-$1,239 an ounce this morning.

SPDR Gold Trust, the world’s largest exchange-traded fund backed by bullion, bought 17.3 metric tons of gold, sending its reserves to a new record of 1,209.5 metric tons. The fund’s holdings have risen by 6.7 percent this year.

Stocks on US, European, and Asian markets recovered as concern over European debt crisis eased. Yesterday, Spanish Prime Minister Jose Luis Rodriguez Zapatero announced the biggest budget reduction in 30 years, including a 5 percent cut in public wages.

The US dollar exchange rate against the euro remained constant at $1.26-$1.27 a euro this morning.

On Vietnam’s free market, the dollar exchange rate rose sharply again this morning, while banks maintained yesterday’s level.

In Hanoi, a dollar was bought at VND19,130, an increase of VND100, and sold at VND19,170, up VND110 from yesterday.

Compiled by Thuy Doan

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