April 5: Vietnam Gold Eases 50,000 dong/Tael

Vietnam gold prices edged down VND50,000 from yesterday close to VND43.40 million/tael on Thursday morning. Gold rebounded to gain after tumbling yesterday night in New York.

SJC Hanoi quoted at VND43.18 million/tael for bid and VND43.40 million/tael for ask, respectively as of 9:28 am, Hanoi time.

Sacombank-SBJ gold was listed at VND43.28-VND43.36 million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND41.60 million/tael and VND42.00 million/tael for bid and ask, respectively.

Vietnam prime minister on April 3 issued Decree No.24/2012/NÐ-CP on gold trading management, stipulating that the government will hold a monopoly over bullion production as well as import and export of gold material.

Local businesses qualified to trade gold bar must have VND100 billion charter capital, at least 2 years experience in gold trading activities, and annual taxes on gold trading of more than VND500 million in 2 latest years, gold trading network in at least 3 provinces or cities directly under the central authority, among others.

Gold Loses in Both New York But Edges Up In Asia Trade

The world gold rebounded to rise this morning in Asia trade after sharply fell in New York last night after the US Federal Reserve released minutes from its last policy meeting which showed policymakers were less likely to push for more monetary easing as the economic outlook gradually improves.

In New York trade last night, spot gold dropped 1.5 percent at $1,620.85 an ounce, while US gold futures for June delivery dropped $57.90 an ounce or 3.5 percent to settle at $1,614.10.

Asia spot gold as of 9:34 Hanoi time was quoted at $1,622.50-1,623.50 an ounce.

On Wednesday, a job market report said that US businesses added more than 200,000 jobs in March, giving fresh evidence of recovery.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate to VND20,828 on Thursday, stable for more than 4 months.

Commercial banks mostly quoted dollar prices below the upper limit, ranged at VND20,780-20,800 for bid and 20,850-20,860 for ask, respectively.

 

Category: Finance