Gold changes slightly; may resume rise

The price of gold in Vietnam rebounded by VND50,000 a tael (1.2 ounces) over the previous day June 23, as international investors’ heavy buying after a sharp correction of 1.9 percent on June 21 boosted the global price.

Domestically, the metal traded at VND28.4 million.

Saigon Jewelry Co, the biggest jeweler in Vietnam, bought gold at VND28.34 million and sold at VND28.39 million as of 12:15 pm local time.

At Sacombank Jewelry Co., the metal was purchased at VND38.34 million and sold at VND28.38 million.

Bullion market returned to muted mood after prices sharply fell yesterday.

Internationally, the precious metal revived from its biggest loss in a month amidst speculation that the US dollar would weaken.

Spot gold rose as much as US$6 an ounce, or 0.5 percent, to close at $1,239.6 in New York.

In Asia, gold fluctuated between $1,239 and $1,240 an ounce this morning.

SPDR Gold Trust, the largest exchange-traded funds backed by bullion, bought around 5 metric tons of gold yesterday, increasing its holdings to a record 1,313.1 metric tons.

According to analysts, gold’s inverse relationship to the dollar is returning although the trend has not been as strong as usual.

The euro is strengthening against the greenback, having rallied 3.3 percent since June 7. The euro exchange rate neared $1.23 this morning in Tokyo.

Crude oil slid for the second straight day after a report showed US home sales down 2.2 percent, signaling that the world’s largest energy consumer may be struggling to sustain their economic recovery.

Light sweet crude oil futures for July delivery lost $0.61 a barrel, or 0.8 percent, to $77.21 a barrel.

August contract was trading above $77 a barrel this morning, a decrease of nearly $1 a barrel over previous day.

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