July 13: Vietnam Gold Extends Loss to 41.68M dong/Tael, Premium Stays High

14-Jul-2012 Intellasia | stoxplus | 7:01 AM

Local gold prices edged down on Friday morning to VND41.68 million/tale and local premium continued to stay high at VND2 million a tael after gold closed down on New York last night.

Hanoi SJC gold is quoted at VND41.6 million/tael for bid and VND41.68 million/tael for ask, respectively as of 8:30 local time.

Thang Long gold, produced by Bao Tin Minh Chau company, is quoted at VND40.15 million/tael for bid and VND40.45 million/tael for ask, unchanged from yesterday.

SBJ Sacombank was quoted at VND41.63 – VND41.68 million/tael for bid and ask, respectively, narrowing the spread between bid and ask prices.

Domestic gold premium stood high at around VND2 million/tael this morning, figure is calculated under the Vietcombank rate which fell VND5 today.

Gold Slides Down in Asia Trade

Gold ticked lower on Friday, remaining on course for a second consecutive week of losses. Spot gold fell 0.1 percent to $1,568.70 an ounce by 0006 GMT and the US gold futures contract for August delivery edged up 0.2 percent to $1,568.50.

The dollar index hit a two-year high in the previous session, and is on track for a fourth straight session of gains, its longest winning streak since May, Reuters reported.

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