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Gold suddenly reverses
The price of gold in Vietnam unexpectedly jumped by VND100,000 a tael (1.2 ounces) to nearly VND37.5 million a tael on May 17 although global price continued to drop on a stronger dollar.
Earlier, the metal was traded at below VND37.4 million a tael, VND20,000-40,000 lower than the same period the previous day.
Sacombank Jewelry Company bought the metal at VND37.39 million and sold at VND37.45 million as of 9:50 am local time.
Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.37 million and sold at VND37.49 million.
Domestically, gold fetched around VND200,000 a tael higher than global price.
Internationally, gold slid as the US dollar strengthened, eroding the demand for the precious metal as an alternative asset. In addition, the metal also dropped because China increased reserve-ratio requirements.
Gold for immediate delivery slipped as much as $5.4 an ounce, or 0.36 percent, to close at $1,490.8 an ounce on the Comex in New York.
In Asia, the precious metal recovered thanks to rising buying demand this morning. Gold for immediate delivery rose to $1,492.9 an ounce as of 9:15 am Vietnamese time.
The US dollar exchange rate against the euro climbed to $1.4 a euro, the highest level in the past seven weeks.
Crude oil futures for June settlement lost as much as $2.28 a barrel to close at $97.37 a barrel on the New York Mercantile Exchange.
This morning, crude oil sank to below $97 a barrel as of 9:45 am Vietnamese time.
On the foreign currency market, the interbank US dollar exchange rate was at VND20,673.
The dollar price significantly rose over the previous day. State-owned Vietcombank bought the greenback at VND20,630, and sold at VND20,710, up by VND80 per dollar.
Ngoc Giao
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