Aug 5: Vietnam gold prices set another record high, dollar edges up

Vietnam gold continued to set fresh record high today despite some ease in global market while dollar prices edged up at commercial banks.

As of 10:30 Hanoi time, Sacombank-SJC gold was listed at VND41.34 million/tael and VND41.44 million/tael for bid and ask, respectively, rising VND90,000 from the same time yesterday.

Bid and ask of Thang Long gold bullion, a product of Bao Tn Minh Chau were listed at VND41.3million/tael and VND41.42million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND41.32 million/tael and VND41.42 million/tael for bid and ask, respectively while SJC in the free market was quoted at VND41.3 million-VND41.42 million a tael for bid and ask respectively.

Early trade this morning, Vietnam gold prices retreated briefly on profit taking as world gold prices eased, however, the prices heated up soon this morning and continued to seek for fresh all-time high level. The trading pattern today was exactly what happened yesterday.

It is reported that the public took this chance as an opportunity to sell gold, trading at gold stores were less active on caution. Vietnam gold prices are still VND200,000 lower than the world’s ones.

Dow Jones newswire reported that “the Ministry Of Finance will raise the export taxes for all gold and jewelry products with at least 80% of gold from Aug. 6 to curb exports, online news provider VNmedia.vn said”.

This tax is seen as a move to restrict gold export. Local companies have exported more than 14 metric tons of gold in June, raising the total export volume in the first half of this year to 24 tons.

In global market, gold ticked lower on Friday in Asia trade after hitting a lifetime high in the previous session as investors sold bullion to cover losses in other markets triggered by a global stampede out of riskier assets on fears of a spreading debt crisis and slowing growth.

Spot gold eased $3.71 an ounce to $1,644.19 by 0004 GMT after hitting a record around $1,681 an ounce on Thursday before losing some of the gains.  U.S. gold futures fell $12.7 to $1,646.3 an ounce — off Thursday’s record around $1,684 an ounce – Stoxplus.com

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