Aug 30: Vietnam gold falls to vnd46.5mln/tael, dollar stable

Vietnam gold today fell another VND500,000 to VND46.5 million a tael as investors took profit, dollar prices were stable.

As of 9:40 Hanoi time, Sacombank-SBJ gold was listed at VND46.21 million/tael and VND46.69 million/tael for bid and ask, respectively, down VND0.3 million a tael from yesterday close.

SJC in Ho Chi Minh City was listed at VND46.15 million/tael and VND46.5 million/tael for bid and ask, respectively.

Vietnam’s gold price is still VND1.5 million/tael or $59/ounce higher than global market (VND21,000= $1), despite central bank and big local gold traders’ effort to reduce local gold premium and to get price parity between the local and international markets.

Truong Van Phuoc, Eximbank’s CEO, believes that trading gold on account could link domestic and global gold markets and limit physical gold circulation.

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices

Posted by VBN on Aug 30 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry