Vietnam gold prices on November 17 morning eased to 34.5 million dong/tael, down 500,000 dong from yesterday close when world gold prices fell 2 percent, extending a losing streak to a third day and marking their biggest three-day loss in nearly a year. Meanwhile, local dollar prices stayed flat at 20,950 dong despite global dollar rally yesterday.
At 10 a.m., SBJ was listed at 34.36 million dong/tael and 34.42 million dong/tael for bid and ask, respectively.
Phu Quy SJC in Hanoi was listed at 34.32 million dong/tael and 34.46 million dong/tael for bid and ask, respectively.
Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at 34.34 million dong/tael and 34.48 million dong/tael for bid and ask, respectively.
Vietnam has abolished the import duty on gold in another effort to cool domestic prices of the metal after it has granted gold import quotas last week, a state-run newspaper reported.
In New York trade last night, spot gold was last bid around $1,338 an ounce, down from $1,360.09 the day before. US gold futures settled down $30.10 to end at $1,338.40 an ounce.
While gold earlier this year benefited from safe-haven flows in the euro zone crisis, it has been punished in sync with other commodities lately by investors’ need to liquidate positions amid increasing margin calls, a rising dollar and fear of more aggressive tightening measures in China.
Gold, which is still up more than 20 percent this year, has fallen 6 percent from a record $1,424.10 one week ago in the broad sell-off that has knocked copper, crude oil and grains, which have in turn suffered from mounting expectations for more monetary tightening in top raw materials consumer China.
In the local market, dollar prices at the gold shops haven’t been listed yet. Meanwhile, those at Vietcombank are capped at 20,950 dong and 21,000 dong for bid and ask, respectively.