Oct 12: Vietnam gold breaks up vnd44mln/tael threshold

Vietnam gold prices surpassed VND44 million a tael today despite world gold prices eased 1 % in New York trade last night and local dollar midpoint exchange rate was kept unchanged at VND20,668.

SJC gold was last traded at VND43.7million and VND44 million/tael for bid and ask respectively by 14:00 Hanoi time.

Sacombank-SBJ gold prices were listed at VND43.5 million/tael -VND43.8 million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company, was trading at VND43.8million/tael and VND44.1million/tael for bid and ask, respectively.

Today gold prices were VND0.2 million/tale higher than Tuesday closing.

Domestic gold premium stood high at VND1.5million/tael, almost 4 times higher than the SBV’s target of VND400,000 tael.

Global Markets: Gold Eases in New York and Stays Flat in Asia.

In the Asia trade this morning, spot gold was flat at $1,665.49 after losing 0.8% in the previous session.

In the New York trade last night, spot gold was down 0.6% at $1,663.89 an ounce, Gold futures was little changed at $1669.20 an ounce.
“The theme of China being the engine driving the entire world growth is so firmly entrenched in people’s expectations right now,” Reuters quoted a Singapore trader as saying.

Local Dollar was remained at high level

Vietnam’s central bank kept the U.S. dollar’s exchange rate at high level of VND20,668 for second day, the highest rate from May 27, 2011.

Banks kept dollar offer at the ceiling of VND20,875 en mass, dollar prices at the gold shop increased to VND21,350- VND21,450 for bid and ask respectively, increased VND120 for bid and VND170 for ask from yesterday and VND 575 higher than the official ceiling rate.

Source TEI/ News Writer/ StoxPlus

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