Jun 28: Vietnam Gold Stays Flat at 41.75m dong/Tael, Trading Sluggish
Local gold prices hovered around VND41.75 million/tale threshold on Thursday morning following suit of a pause in global market ahead of EU summit, local premium continued to stay high at VND2 million a tael.
Hanoi SJC gold is quoted at VND41.65 million/tael for bid and VND41.75 million/tael for ask, respectively as of 10:00 local time.
Thang Long gold, produced by Bao Tin Minh Chau company, is quoted at VND40.3 million/tael for bid and VND40.6 million/tael for ask, still VND1.1 million lower than the SJC branded one.
SBJ Sacombank was quoted at VND41.67 – VND41.73 million/tael for bid and ask, respectively.
Domestic gold premium stood high at around VND2 million/tael this morning, figure is calculated under the Vietcombank rate.
Gold Flat in Asia Trade
Gold rarely moved on Thursday ahead of the European Union summit.
Spot gold added $1.19 an ounce to $1,575.59 at 0251 GMT, US gold for August delivery fell $2.10 to $1,576.30 an ounce in thin trading.
European Union leaders remain unusually divided ahead of the two-day summit beginning Thursday over how to stem the bloc’s spreading debt crisis since it began in Greece and is now in its third year, Reuters reported.
Dollar Hovers Around VND20,860
The rate offered by major commercial banks and the gold shop rate are at VND20,850-VND20,865 for bid and VND20,920 for ask.
Pham Hong Hai, deputy CEO of Vietnam HSBC expected dollar prices will be stable at around VND20,850 in Q3/2012 but will rise against the dong in the fourth quarter of this year due to higher demand for import and debt payback and investment swift due to falling dong interest rate.
Hai, however, believes the dong devaluation will be not-too-much thanks to proper and timely intervention of central bank which is different from previous central bank’s actions.
Category: Finance
