May 17: Vietnam Gold Inches Up to 41.08m dong/Tael

18-May-2012 Intellasia | StoxPlus | 7:01 AM Print This Post

Vietnam gold rebounded to rise by VND300,000 a tael this morning to VND41.08 million a tael. World gold rose in Asia trade this morning after falling in New York trade last night.

SJC Hanoi quoted at VND40.86 million/tael for bid and VND41.08 million/tael for ask, respectively as of 10:14 am, Hanoi time.

SJC Techcombank-gold was listed at VND40.96-VND41.06 million/tael for bid and ask, respectively

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND40.45 million/tael and VND40.75 million/tael for bid and ask, respectively.

In the market, non-SJC gold was trading around VND350-400,000/tael lower than SJC gold this morning, almost unchanged from yesterday.

Gold Falls in New York but Inches Up in Asia Trade

The yellow metal rebounded to gain in Asia trade this morning after continuing its loss in New York trade last night. U.S stocks moved higher after speculation that Germany and France will act to keep Greece in the euro zone lifted the euro into the black.

In New York trade last night, spot gold lost $5.06 an ounce to settle at $1,539.04. US gold futures for June delivery settled down $20.50 an ounce to $1,536.60.

At Kitco floor this morning, spot gold was quoted at $1,546.70-1,547.90/troy ounce for bid and ask, respectively as of 10:22 am, Hanoi time.

The euro steadied after falling to four-month low against the U.S dollar, while European equities struggled off their lowest level for the year.

Fear of Greek will get out of the euro zone and the worries on the European debt crisis affected the European market yesterday, sending shares and other riskier assets lower as investors shifted funds into safe havens like the US dollar.

Gold buying demand rose, especially from India- the world’s largest gold consumer inline with lower U.S dollar prices. However, the rupee was still in low level that somehow curbed the demand, analysts said.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate to VND20,828 today, stable for more nearly 5 months.

Commercial banks are allowed to apply effective exchange rate +-1 percent from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036 but commercial banks mostly quoted dollar prices below the upper limit.

Commercial banks kept the dollar prices unchanged for 5 days, ranging from VND20,810-20,830 for bid and VND20,870 for ask, respectively.

In the free market, dollar prices have been cooled down today. At some gold shops in Ha Trung street, Hanoi, dollar was quoted around VND20,880-21,000 for bid and ask, respectively this morning.


Category: Finance

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