Domestic gold price dropped strongly 250,000-550,000 dong per tael

At 8:30 am local time today September 20, the domestic gold price dropped strongly 250,000-550,000 dong per tael from later yesterday whereby the selling price hovered 46.6 million dong per tael.

In comparison with the same time yesterday morning, the local gold price declined 600,000-700,000 dong/tael.

The SJC gold price in Hanoi was traded at 46.45-46.67 million dong/tael, down 400,000 dong/tael day from late yesterday and down 600,000 dong/tael from yesterday morning.

The gap between the buying and selling prices was 220,000-580,000 dong/tael.

According to the local newswire Tuoi Tre (Youth) on September 20, many jewellery companies said that the State Bank of Vietnam (SBV) allowed more gold import of about four tonnes for 10 enterprises and banks.

In addition, in two days when the gold price tended to fall (on September 16 and 19), SJC posted a net sale of 13,000 taels and PNJ’s net sale was about 3,700 taels of gold.

On Comex floor, New York, closing the trading session on September 19, the global gold price for December delivery declined nearly $36 per ounce to $1,778.9 per ounce.

At 8:35 am local time, the spot gold price on Kitco floor reached nearly $1,780 per ounce after dropping to $1,769.5 per ounce.

According to the dong/US dollar forex rate today at Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB), the global gold price is equal to 44.7 million dong per tael, lower than the local gold price by two million dong per tael.

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

Posted by VBN on Sep 20 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