Gold continues falling sharply to below 45m dong/tael

Vietnam gold continued falling sharply to below 45 million dong a tael (1.2 ounces) this morning November 1 as the world gold prices dropped, while local dollar prices were kept at 20,803 dong, unchanged from last Friday.
By 9:30 Hanoi time, Sacombank Jewelry Company bought gold at 44.55 million dong and sold at 44.85 million dong.

Saigon Jewelry Company, the biggest gold firm in Vietnam, collected gold at 44.65 million dong and sold at 44.95 million dong a tael, a decrease of 350,000 dong/tael compared to yesterday morning.

Rong Thang Long gold, a product of Bao Tin Minh Chau company, was traded at 44.65 million dong/tael and 44.95 million dong/tael for bid and ask, respectively, a decrease of 300,000 dong /tael compared to yesterday morning.

Hanoi-based Phu Quy Jewlery Company also traded SJC-brand gold at the same price.

Phu Nhuan Jewlery Company bought gold at 44.65 million dong and sold at 44.85 million dong.

Domestically, gold fetched 1.1 million dong a tael higher than global price.

The move was believed to be the result of the government’s tough administrative measures and the central bank’s reinforcement on gold and forex trading regulations recently.

On the world market, gold lost nearly 1 percent of its value in thinner-than-usual trade on Monday, after Japan’s intervention to weaken the yen triggered a spike in the dollar and commodities and other risk assets into a tailspin at the start of the week.

Spot gold was down by 0.9% to close at $1,724 per troy ounce. Despite the loss, it was in line for a 6-percent gain this month, recovering from a near-11 percent slide in September, when prices hit a record $1,920.30.

Gold futures dropped $22.00 to settle at $1,725.20. Futures volume dropped to about 40 percent below the 30-day norm.

Vietnam’s central bank continued to keep the dong/US dollar exchange rate unchanged from last Friday at 20,803 dong today, after weakening the dong for 14 times since October 5,2011. The rate has gained 175 dong per dollar, or 0.85 percent in October.

Vietcombank bought US dollars at 21,005 dong, and sold at 21,011 dong. Meanwhile, on the black so-called market, the US dollar exchange rate steeply dropped. Dollars were bought at 21,300 per dollar, and sold at 21,400 dong per dollar. – Source: Vietbiz24

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