Gold makes sharp correction
Sacombank Jewelry Company bought the metal at VND37.71 million and sold at VND37.77 million as of 9 am local time.
Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.74 million and sold at VND37.8 million.
Meanwhile, the Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.68 million and sold at VND37.78 million at the same time.
Domestically, gold fetched around VND350,000 a tael lower than global price.
The dollar exchange rate against the Vietnamese dong at commercial banks faintly recovered this morning. State-owned Vietcombank bought the greenback at VND20,530 and sell at VND20,610, an increase of VND10 per dollar over the previous day.
Meanwhile, the interbank US dollar exchange rate continued to contract another VND5 per dollar to trade at VND20,633 this morning, a record low since the central bank started to adjust the rate in February.
Internationally, gold slid as previous gain spurred investors to sell the metal to lock in gains.
Gold for immediate delivery lost as much as $5.3 an ounce over the previous trading session to settle at $1,534.8 an ounce on the Comex in New York.
In Asia, the precious metal continued to plunge further, giving up $1.5 an ounce to trade at $1,533.3 an ounce as of 9:30 am Vietnamese time.
However, the metal was still supported by a weakened US dollar. The green back sank to the lowest level in one month after rating agency Moody’s Investors Service said it would probably downgrade the US credit rating if the country refused to raise debt limit.
The euro gained after Reuters said that European officials had agreed a new financial aid program for Greece to rescue this country from bankruptcy.
The euro exchange rate against the US dollar stood just below $1.45 a euro in Tokyo this morning from nearly $1.44 a euro the previous day.
Crude oil rebounded as the US dollar devalued. Crude oil futures for July settlement rose as much as $0.11 a barrel to close at $100.4 a barrel on the New York Mercantile.
This morning, crude oil traded around $100.5 a barrel.
