Gold pares VND200,000 per tael

The price of gold in Vietnam dropped by VND200,000 a tael (1.2 ounces) over the previous day on June 25 as global price plunged rapidly for two consecutive trading sessions.
 

Most gold shops purchased gold at VND37.6 million and sold at VND37.7 million.

Sacombank Jewelry Company bought the metal at VND37.63 million and sold at VND37.69 million as of 8 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.59 million and sold at VND37.7 million at the same time.

The metal lost around VND450,000 a tael on the last two days of this week, standing at the lowest level in the past 10 days.

Domestically, gold fetched VND350,000 a tael higher than global price.

State-owned Vietcombank closed week at VND20,540 for buying and VND20,610 for selling, a decrease of VND160 per dollar in buying price and VND190 in selling price over last weekend.

The interbank US dollar exchange rate maintained at VND20,618 per dollar.

Internationally, gold plummeted as investors scrambled to sell the metal to make up losses of securities investment channel after concerns over the Greece’s sovereign-debt crisis raised, sinking the stock markets.

Gold for immediate delivery eroded by $18.4 an ounce, or 1.2 per cent, to close at $1,503.3 an ounce on the Comex in New York. Earlier, the metal dived to $1,497.5 an ounce. The metal lost 1.8 per cent on June 23.

This week, the metal slid 2.4 per cent after gaining 0.6 per cent last week.

The euro exchange rate against the US dollar weakened 0.8 per cent this week. The rate was at nearly $1.42 a euro. The shared currency slumped amid speculation that a Greek austerity plan and a European Union pledge to stabilize the region’s economy would not resolve its sovereign-debt crisis.

Crude oil futures for August settlement gained $0.14 a barrel to wrap week at $91.16 a barrel on the New York Mercantile Exchange.

However, crude oil futures for July delivery fell 2 per cent this week.

Source SGGP