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Gold down, oil up   2009-06-20 - VietNamNet/SGGP

Domestic gold price slid below VND21 million, following a slight fall in global gold prices on June 19.


Most gold shops were buying gold at VND20.9 million a tael (1.2 ounces) and selling at nearly VND21 million a tael, down VND5,000 from the previous day.


The price of the precious metal hangs at VND20.89 million a tael for buying and VND20.95 million a tael for selling at Sacombank Jewelry.


In Hanoi, Saigon Jewelry Co. sold gold at VND20.98 million a tael and bought at VND20.88 million a tael.


The Hanoi-based gold dealer, Bao Tin Minh Chau, purchased gold at VND20.89 million a tael and sold at VND20.97 million a tael.


Trading volume in shops remained low at a few hundred taels a day.


According to Hoang Minh Lan, store manager of Saigon Jewelry’s Hanoi branch, most buyers are customers who sold gold when the price rose above VND21 million a tael.


“Most investors sold gold at under VND20 million a tael so they won’t buy back until the price falls below this mark,” Lan said.


The trading volume on Sacombank Jewelry trading floors remained high. Nearly 305,000 taels of gold were traded at around VND20.01-20.20 million a tael.


The global gold price slightly fell due to the recovery of the US dollar.


On the New York market, gold price for spot delivery dropped by US$6.5 an ounce to $933.3 an ounce.


The dollar against the euro has risen, as the US economic indexes showed many optimistic signs, which are expected to boost the possibility that the Federal Reserve will soon adjust interest rates.


Ending the session in New York, crude oil for July delivery rose to $71.37 a barrel, up $0.34.


Crude oil prices are backed up by positive economic information, but yet to hike as the global demand, especially the US’s demand, remains low.


The US’s Department of Energy announced average oil consumption in the US over the last four weeks was around 18.5 million barrels a day, down four percent year on year.

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