December 20: Vietnam Gold Up to 43.77m dong/Tael, Dollar Stable

Vietnam gold rose VND0.42 million a tael from yesterday close to VND43.77 million a tael on Tuesday morning despite the world gold prices eased last night in New York.

SJC Hanoi quoted at VND43.35million/tael for bid and VND43.77 million/tael for ask, respectively as of 8:22 am, Hanoi time.

SJC Ho Chi Minh listed at VND43.35-43.75 million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND43.35-VND43.75million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND42.60 million/tael and VND43.00 million/tael for bid and ask, respectively.

Domestic gold premium stood high at VND3.6 million/tael today or 9 times higher the SBV’s target of VND400,000/tael.

Global Markets: Gold Eased In New York But Steady in Asia

In New York last night, gold prices eased after a single day of gain on euro debt concerns.

Spot gold fell to $1,591.70 an ounce. US gold futures for February delivery settled down 0.44 percent at $1,590.80 an ounce.

At Kitco Floor this morning, spot gold was quoted at $1,598.40-1,600.10 as of 8:48 am, Hanoi time.

Investors remain concerns that the euro zone sovereign debt crisis will hurt global growth, causing the euro under pressure.

The yellow metal has been correlated to riskier assets recently as investors dump gold to cover losses.

Analysts say gold may suffer futher losses by the end of the year and even in the early 2012.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate at VND20,813 on Tuesday.

Commercial banks kept the dollar exchange rate unchanged. Selling dollar at VND21,021 and buying dollar at VND21,000-21,018.

 

Category: Finance