Gold falls below VND41 million

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SaiGon GP English - 25 month(s) ago 58 readings

Gold falls below VND41 million

Price of gold in Vietnam sank below VND41 million a tael (1.2 ounces), the lowest level since late July last year on May 16 while global price weakened due to concern over European sovereign-debt crisis.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, bought the metal at VND40.75 million and sold at VND40.95 million as of 11.02am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND40.83 million and sold at VND40.98 million as of 10.53am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND40.1 million for buying, and VND40.4 million for selling at 11am Vietnamese time.

Domestically, gold fetched VND2.2 million a tael, higher than global price.

Although local gold was much more expensive than global price, people still increased buying.

On free market, dollars were bought at VND20,860 per dollar, and sold at VND20,880 per dollar, down VND10 per dollar in buying price, and VND20 per dollar in selling price over the previous day.

Meanwhile, dollar exchange rate stalled at commercial banks. Vietcombank bought the greenback at VND20,820 per dollar, and sold at VND20,870 per dollar since late last week.

Internationally, gold continued to prolong its losing streak after efforts to form a new government in Greece collapsed, urging investors to dump risk assets, including Euro, gold, crude oil, and equities.

Gold for immediately delivery dropped as much as $12.2 an ounce, or 0.8 per cent, to close at $1,545.3 an ounce in New York.

In Asia, the heavy metal reduced $3.1 an ounce to trade at $1,542.2 an ounce at 9.30am Vietnamese time.

The precious metal has lost around 7 per cent since the beginning of this month, marking the worst monthly loss since the end of last year.

The Euro exchange rate against the US dollar sank to just above $1.27 a Euro in Tokyo this morning, a four-month low, after Greece called a new election in which leftists who opposed the terms of an EU bailout may win, and raised the risk of the country to exit in the eurozone.

Crude oil futures for June delivery dipped $1.06 a barrel to trade at $92.92 a barrel at 9.50am Vietnamese time.

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