Oct 10: Vietnam gold falls vnd43mln/tael threshold, dollar exchange down

Vietnam gold prices lost VND43 million a tael threshold this morning as world gold prices dropped 1% in New York trade last Friday and local dollar price was adjusted around VND20,840 –VND20,856 for bids and the ceiling VND20.860 for ask.

SJC gold was last traded at VND42.89 million and VND43.31 million/tael for bid and ask respectively by 10:00 Hanoi time.

Sacombank-SJC gold was listed at VND42.89 million/tael -VND43.29 million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND43.15 million/tael and VND43.47 million/tael for bid and ask, respectively.

Domestic gold narrowed gap about VND1.2 million/tael higher than the world gold.

Global Markets: Gold Re-bounds in Asia Trade After Loss in Europe.

In Asia trade this morning, gold rose back half a percent, rebounding from the previous session’s decline triggered by the credit downgrades of Italy and Spain.

Spot gold rose $12.62 or 0.77% to $1,645.49 an ounce, after rising about 0.9 percent in the previous week.

U.S. demand gold for December delivery fell $17.40 to settle at $1,635.80 an ounce in New York trade.

“To me, (the data) doesn’t change the interest-rate environment for gold, which is still very positive, with more gains ahead. And from where we are in real interest rate terms, you should see gold returns of 30 percent year-on-year,” Reuters quoted Deutsche Bank analyst Michael Lewis as saying.

Goldman Sachs Cuts Brent, Copper Price OutlookGold Settles at $1,653 on Equities Lift, ECB LiquidityCommodities Tomorrow.

Local Dollar Falls

Vietnam’s central bank kept dollar exchange by VND20,653 for second day as the highest level over four last months.

Banks remained dollar offer at ceiling of VND20,860 en mass, dollar prices at the gold shop in Hanoi stood around VND21,400 as yesterday closing.

Source CafeF

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