Major gold dealers allocated import quotas

Major gold dealers reported to obtain their import quotas yesterday. The imported gold is expected to arrive in Viet Nam on Friday, which cooled the domestic gold price by 1.8 per cent to VND43.9 million per tael.

Importers this time are named Sai Gon Jewellery Co (SJC), Agribank Gold and Jewellery Co (AJC), Sacombank Jewellery Co (SBJ), Phu Nhuan Jewellery Co (PNJ), Doji, Asia Commercial Bank, Vietinbank and Techcombank.

Selling and buying prices in Ha Noi and HCM City were quoted at VND43.9-45 million per tael, from VND45.2 million in previous session. One tael is equal to 1.2 ounces.

Global gold ticked higher yesterday, hovering near a lifetime high around $1,778 an ounce struck in the previous session, but further gains could be capped by a rebound in equities after the US Federal Reserve’s vow to keep rates near zero.

“We have finalised negotiating with our partner. No later than Friday, 500kg of gold will arrive in Viet Nam to balance supply in the domestic market,” PNJ’s standing deputy general director Nguyen Thi Cuc said, adding PNJ gold price would fall in line with the global price.

Doji also released that the company would import 200-500kg over the next two days.

Meanwhile, SJC’s vice head of business department Nguyen Cong Tuong said that the gold quota would expire by the end of this month, so the company would have more time to consider the time of purchase.

Most of these gold will be imported from Switzerland and Australia.

Gold importers highly appreciated State Bank of Viet Nam’s decision on Tuesday, which was expected to narrow distance between domestic and global prices and stop gold high fever. However, some worried that domestic gold price would be affected by the US dollar which were changing very quickly on the black market.

The US dollar yesterday was traded under VND21,000, down from VND21,300 late Tuesday.

Under the global impact, the domestic gold price on Tuesday soared to VND46 million ($2,203) per tael, up VND1.7 million against the previous session, or VND4.2 million (more than 10 per cent) against last week’s close. — VNS

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