Gold imports fail to pull prices down

Vietnamese gold prices stubbornly remained higher than global prices at the close of yesterday’s trading session despite the arrival of four tons of imported gold.
They closed at 46.95 million dong a tael (37.5 grams, 1.21 troy ounces) after retreating to 46.6 million dong in the morning, or 1.9 million dong (US$95) higher than internationally.

Gold for December delivery on the New York Mercantile Exchange rose $30.20, or 1.7 percent, to $1,809 a troy ounce.

On Monday the State Bank of Vietnam had licensed 10 banks and gold trading companies to import to stabilize domestic prices of the precious metal.

But traders said prices remained high because the imports were only enough to cover their stock, which has been sold out early this week.

The dollar edged up on the black market Tuesday to 21,200 dong and 21,050 dong.

Tags: vietnam gold, Vietnam gold imports, Vietnam gold market

Posted by VBN on Sep 24 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