Gold suddenly jumps

Sacombank Jewelry Company bought the metal at VND37.45 million and sold at VND37.51 million as of 1 pm local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.42 million and sold at VND37.52 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.43 million and sold at VND37.55 million as of 1:15 pm local time.

Internationally, gold slightly rose as a weaker US dollar and lingering concerns that developed economies are prone to be flooded in debts, prompted investors to seek the metal as a store of value.

Gold futures for June delivery gained as much as US$2.2 an ounce, or 0.2 percent, to close at $1,495.1 an ounce on the Comex in New York. Earlier, the metal touched $1,500.5 an ounce, the highest level in the day.

Gold for immediate delivery closed at $1,494.7 an ounce .

In Asia, the precious metal prolonged rising momentum, climbing to an all-time high. Spot gold jumped to $1,500.5 an ounce as of 1:27 pm Vietnamese time. June-delivery gold in New York soared 0.4 percent to $1,500.9 an ounce.

According to analysts, gold jumped as investors concerned about the future of the shared currency after Portugal, Greece, and Ireland asked for financial rescue amid global rising inflation.

The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, dropped to 75.078 from 75.504.

Crude oil also slightly recovered after sharply declining at the beginning of this week. Crude oil futures for June settlement rose as much as $0.59 a barrel, or, 0.55 percent, to close at $108.28 a barrel.

Brent crude oil futures for May delivery fell $0.28 to $121.33 a barrel.

On the foreign exchange market, the US dollar exchange rate dropped by VND5 per dollar to VND20,935 at commercial banks.

State-owned Vietcombank bought the greenback at VND20,915, and sold at VND20,935; Eximbank bought dollars at VND20,910-20,915 and sold at VND20,935; At Sacombank, dollars were bought at VND20,885-20,895 and sold at VND20,935.