Local gold price dropped by 300,000-500,000 dong/tael from yesterday

Opening the trading session today Thursday September 29, the domestic gold price slipped to below 44 million dong per tael. Yesterday, the State Bank of Vietnam (SBV) allowed enterprises to import more gold to stabilise the domestic gold market.

At 8:45 am local time, the local gold price dropped by 300,000-500,000 dong/tael from yesterday. Earlier at 8:20 am, the local price of this special metal tumbled 600,000-800,000 dong/tael to below 44 million dong/tael.

The SJC gold price was traded at 44-44.42 million dong/tael. Opening the trading session today, SJC gold price was quoted at 43.5-43.92 million dong/tael.

Yesterday, SJC sold 9,000 taels of gold while buying only about 1,500 taels of gold.

The Rong Thang Long gold price of Bao Tin Minh Chau was traded at 43.75-44.45 million dong/tael. The price of SBJ-Sacombank gold price was listed at 43.61-44.19 million dong/tael.

The gap between buying and selling price was 400,000-700,000 dong/tael.

Thus, from early this week so far, the local gold price lost by 1.3 million dong/tael.

Closing September 28, the global gold price for December delivery on New York floor slipped $34.4 per ounce or 2.1 percent to end at $1,618.1 per ounce.

The spot gold price on Kitco floor currently stands at $1,605 per ounce, down $44 per ounce from previous day. Previously, the spot gold price slipped to $1,580 per ounce.

According to the forex rate at local bank, the world gold price is lower than the local counterpart by four million dong per tael.

According to the local newswire Thanh Nien on September 28, the central bank gave nod for 10 enterprises to import more gold.
Thus, from early this year so far, the central bank has allowed gold import of about 20 tonnes.

Posted by VBN on Sep 29 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