Gold fluctuates around VND37.4 million

The price of gold in Vietnam retreated to below VND37.4 million a tael before rebounding to above this level on May 18. Meanwhile, global price fell for three consecutive trading sessions.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the metal at VND37.34 million and sold at VND37.41 million as of 10 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.32 million and sold at VND37.43 million at the same time.

Recently, gold usually declines at the beginning of the day then recovers before going down again by the end of the day.

Domestically, gold fetched around VND50,000 a tael lower than global price.

Internationally, gold dropped the third day as signs that the US economy is slowing lessened the attractiveness of the precious metal.

Gold for immediate delivery fell as much as $2.8 an ounce to close at $1,488 an ounce on the Comex in New York.

In Asia, the precious metal slightly recovered to trade at $1,490 an ounce this morning.

The US dollar exchange rate against the euro stood at $1.42 a euro as the European sovereign-debt crisis continued to hinder the shared currency.

Crude oil sank to the lowest level in the past twelve weeks due to the US housing and manufacturing negative data. Crude oil futures for June settlement lost as much as $0.46 a barrel to close at $96.91 a barrel on the New York Mercantile Exchange. Earlier, crude oil plunged to just above $95 a barrel.

This morning, crude oil rebounded to above $97.7 a barrel as of 10:10 am Vietnamese time.

On the foreign currency market, the interbank US dollar exchange rate remained at VND20,673. However, the rate sharply climbed at commercial banks.

State-owned Vietcombank bought the greenback at VND20,700, and sold at VND20,850, up by VND70 per dollar in buying price and VND140 per dollar in selling price.

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