November 25: Vietnam Gold Increases to 44.82m dong/Tael, Dollar Stable

Vietnam gold increased VND0.57 million a tael from Thursday close to VND44.82 million/tael on Friday morning. The world gold steadies, local dollar prices were still kept at VND20,803 for 4 weeks.

SJC Hanoi quoted at VND44.60 million/tael for bid, and VND44.82 million/tael for bid and ask, respectively as of 9: 27 Hanoi time.

SJC in the free market was listed at VND44.70-44.95 million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND44.60-VND44.75million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company,was trading at VND44.0 million/tael and VND44.40 million/tael for bid and ask, respectively.

BaoTin Minh Chau company which often listed its Rong Thang Long gold prices higher than SJC’s gold prices in the past, has listed its gold prices lower than the SJC’s ones recently as the news that the State Bank of Vietnam may approve only SJC company to produce the bullion in the near future.

Investors are reported to sell Bao Tin Minh Chau’s gold more heavily in recent days on the SBV’s policy though government said that even if the proposal comes into force, it does not affect the existing bullion in the market.

Domestic gold premium stood high at VND0.8million/tael today or 2 times higher than the SBV’s target of VND400,000/tael.

Global Markets: Gold Steadies in Both New York And Asia Trades

In New York trade last night, gold steadied around $1,700 after falling to one-month lows this week. Trading volume fell due to Thanksgiving holiday.

Spot gold slightly rose 0.1 percent to settle at $1,694.29 an ounce. U.S gold futures was down 0.2 percent at $1,693.40 an ounce.

In Asia trade this morning, Kitco quoted spot gold at $1694.30-1695.90/ounce for bid and ask, respectively by 9:36 am, Hanoi time.

Gold recorded its second consecutive week of declines, falling 1.5 percent in the week-to-date. It has lost 1 percent so far in November and added up more than 19 percent in the year – to-date.

Some analysts believes that the yellow metal will ease further as the crisis debt increase in the euro zone.

“That the price slump in gol is mainly US dollar-driven is evident from the fact that gold calculated in euros has been able to rise,” Reuters quoted Commerzbank as a note.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate unchanged at VND20,803 for 4 weeks.

Commercial banks also kept their dollar prices quote unchanged, selling dollar at the ceiling VND21,011 and buying dollar at VND20,990- 21,006.

 

Category: Finance