December 9: Vietnam Gold Falls to 44.85m dong/Tael, Dollar Stable

10-Dec-2011 Intellasia | StoxPlus | 7:01 AM Print This Post

Vietnam gold slightly fell in Friday morning to VND44.85 million/tael. Gold lost in New York trade last night but edged up this morning in Asia.Local dollar prices were kept at VND20,803 for 6 weeks.

SJC Hanoi quoted at VND44.58million/tael for bid and VND44.85 million/tael for bid and ask, respectively as of 9:30, Hanoi time.

SJC in the free market was listed at VND44.65-44.87million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND44.63-VND44.83 million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND43.70 million/tael and VND44.00 million/tael for bid and ask, respectively.

Domestic gold premium stood high at VND1.1 million/tael today or 2.75 times higher the SBV’s target of VND400,000/tael.

Global Markets: Gold Falls in New York But Edges Up In Asia

In New York trade last night, gold fell to settle at $1,713 an ounce on Europe woes, recording its biggest one-day drop in nearly three weeks, after the European Central Bank (ECB) signaled more-dramatic action to fight the region’s debt crisis.

Spot gold lost 1.9 percent to $1,707.69 an ounce, its biggest daily decline since November 21.

US gold futures for February delivery was down $31.40 at $1,713.40 an ounce, trading volume rebounded to surpass its 30-day norm after weak turnover in the last several sessions.

In the Kitco floor this morning, spot gold was quoted at $1,715.30-1,716.30 an ounce for bid and ask, respectively as of 9:45 Hanoi time.

The ECB cut its benchmark interest rate by 25 basis- points, but dampened expectations of more aggressive bond purchases on the eve of a key EU summit.

Besides the EU summit, China inflation eases to 4.2 percent in November, coming in below expectations of 4.4 percent and far beneath October’s 5.5 percent.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate unchanged at VND20,803 on Friday, unchanged for 6 weeks.

Commercial banks kept their dollar prices quote unchanged for selling at the ceiling VND21,011 and buying dollar at VND20,990- 21,010 today.

Dollar prices in the free market slightly increased this morning. A gold shop in Hanoi was quoted at VND21,125-VND21,160, up VND25-10 for bid and ask, respectively from yesterday.

 


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