Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade LTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL LTCUSD | View LTCUSD News & Updates


Buy Sell LTCUSD, Bitcoin and Cryptocurrencies

Gold declines as stronger dollar, weaker crude oil curb demand   2009-06-23 - TN, Bloomberg

 
 
   
Gold fell to a one-month low in London as a stronger dollar and lower crude oil diminished the metal’s attraction as a hedge against a weaker US currency and faster inflation.

 

The Dollar Index, which measures the currency against six counterparts, rose as much as 0.7 percent as the World Bank said the global recession will be deeper than it predicted in March, fanning demand for the greenback as a refuge. Crude oil fell for a second day, sliding as much as 2.4 percent to US$67.89 a barrel.

“The dollar is stronger, and that is weighing on the metals,” said Alexander Zumpfe, a precious-metals trader at Hanau, Germany-based Heraeus Metallhandels GmbH. Oil below $70 a barrel reduced demand for bullion as a hedge, he said.

Gold for immediate delivery fell $8.95, or 1 percent, to $925.10 an ounce at 10:51 a.m. local time. The metal dropped as low as $922.04, the lowest intraday price since May 19. Futures for August delivery slid $10.90, or 1.2 percent, to $925.3 on the New York Mercantile Exchange’s Comex division.

“There is no new money flowing in,” Zumpfe said. “Physical investors are not buying at current levels. Prices are stabilizing.”

Bullion dropped to $924 an ounce in the morning “fixing” in London, used by some mining companies to sell production, from $935.25 at the afternoon fixing on June 19.

In Vietnam, the precious metal was traded at VND20.92 million per tael, or $979.4 an ounce, according to the country’s biggest gold trader Saigon Jewelry Joint Stock Co.

Vietnam’s gold price was $54 per ounce higher than the international price



Other news

Foreign investment reaches $8.7bil during first half of year   2009-06-23

Chinese merchants scrambling to snatch shrimp from Vietnamese   2009-06-23

Wood processors seek markets as exports fall   2009-06-23

Giant insurer to list on HCM City exchange   2009-06-23

Industry urged to lift exports 3%   2009-06-23

Chinese merchants scrambling to snatch shrimp from Vietnamese   2009-06-23

SBV says credit growth to slow down   2009-06-23

MPI ‘finds’ additional $7 billion in FDI registered capital   2009-06-23

Fines fail to stem tide of imitation goods   2009-06-23

Opening new supermarkets means seeking new opportunities in crisis   2009-06-23

Hanoi Securities Trading Centre to become Hanoi Stock Exchange   2009-06-23

National economy better, but difficulties ahead: experts   2009-06-23

Airbus: Vietnam Airlines is 3rd biggest buyer at Paris show   2009-06-23

Vietnam's H1 FDI inflows down but target in reach   2009-06-23

Phu Quoc Island revokes 12 tourism projects   2009-06-23