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Gold and dollar march south
The price of gold in Vietnam declined to VND37.4 million a tael (1.2 ounces) on May 14 as global price tumbled due to the euro’s debasement against the US dollar.
Sacombank Jewelry Company bought the metal at VND37.35 million and sold at VND37.45 million as of 8:45 am local time.
Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.34 million and sold at VND37.46 million at the same time.
Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.35 million and sold at VND37.47 million as of 9:21 am local time.
Internationally, gold dropped as a stronger US dollar eroded the precious metal’s appeal as an alternative asset.
Gold futures for June delivery fell as much as $13.1 an ounce to $1,493.6 an ounce on the Comex in New York.
Gold for immediate delivery sank $11.7 an ounce to close at $1,495.2 an ounce on the Kitco trading floor.
Yesterday, the US dollar gained 0.74 percent against the euro. This week, the shared currency lost 1.7 percent on concerns over Greece’s debt restructure and rising inflation.
Crude oil futures for June settlement gained as much as 0.69 percent to $99.65 a barrel on the New York Mercantile Exchange.
Brent crude oil futures for June delivery climbed 0.75 percent to close at $113.83 a barrel.
Domestically, the interbank US exchange rate suddenly fell by VND10 per dollar over the previous day to VND20,678 per dollar.
Kha Lam
sggp
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