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Gold price changes little
The price of gold in Vietnam inched up by VND40,000-70,000 a tael (1.2 ounces) on May 11 due to rising momentum from global market.
Sacombank Jewelry Company bought the metal at VND37.62 million and sold at VND37.66 million as of 9:25 am local time.
Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.59 million and sold at VND37.67 million at the same time.
Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.56 million and sold at VND37.67 million as of 10:05 am local time.
Internationally, gold advanced as concerns over the European sovereign debt-crisis and a possible bipartisan deal to raise the US debt limit boosted the demand for the precious metal as a store of value.
Gold futures for June delivery rose as much as $13.7 an ounce, or 0.9 percent, to close at $1,516.9 an ounce on the Comex in New York.
In Asia, the precious metal sharply rose over the closing price in New York, trading at $1,522.3 an ounce this morning.
Crude oil traded near one-week high as speculation flooding on the Mississippi River would disrupt the US fuel supplies. Crude oil futures for July settlement gained as much as $1.33 a barrel, or 1.3 percent, to close at $103.88 a barrel on the New York Mercantile Exchange.
On the foreign exchange market, the interbank US dollar exchange rate continued to fall by VND5 per dollar to VND20,698.
State-owned Vietcombank bought the greenback at VND20,570, and sold at VND20,650, unchanged as of the previous day. Eximbank purchased dollars at VND20,540-20,570, and sold at VND20,645. Sacombank quoted the rate at VND20,530-20,550 for buying and VND20,650 for selling.
Phong Linh
sggp
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