Gold adds slight rise

Jun 15th at 20:43

15-06-2012 20:43:41+07:00

Price of gold in Vietnam climbed to VND42.3 million a tael (1.2 ounces) on June 15 as global price surged for five consecutive trading sessions

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.08 million and sold at VND42.28 million as of 8.15am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND42.2 million and sold at VND42.31 million as of 9.30am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND40.9 million for buying, and at VND41.2 million for selling at 12.20pm Vietnamese time.

Thanks to support from global price, domestic price prolonged rising momentum to third day but at a slow pace. Trading on bullion market remained subdued as investors waited for the metal to change more significantly before transactions.

Domestically, gold fetched VND1.2 million a tael, higher than global price.

On free market, US dollar was bought at VND20,960 per dollar, and sold at VND20,980 per dollar, down VND10 per dollar in selling price over the previous day.

Meanwhile, Vietcombank bought the greenback at VND20,930 per dollar, and sold at VND20,990 per dollar. Eximbank purchased dollars at VND20,920, and sold at VND20,980 per dollar.

Internationally, gold continued to climb as soft US economic data fueled hopes that the US Federal Reserve will launch another round of monetary stimulus to boost growth.

New claims for US state jobless benefits rose for the fifth time in six weeks and consumer prices fell in May.

In Asia, spot gold gained $2.5 an ounce to trade at $1,626.8 an ounce at 10am Vietnamese time.

Last night, gold for immediate delivery rose as much as $5.7 an ounce, or 0.4 per cent, to close at $1,624.3 an ounce in New York.

Euro exchange rate against the US dollar was just above $1.26 a Euro in Tokyo this morning.

Crude oil futures for July delivery rallied $0.62 a barrel to trade at $84.53 a barrel at 10am Vietnamese time.

Investors are eyeing Greece’s election on June 17 which will decide whether the country will stay in the eurozone.