Oct 4: Vietnam Gold Tops VND45Mln/Tael Again, Dollar Stable

Vietnam gold rose by VND0.6 million to VND45.2 million a tael this morning after the world gold prices posted third straight gaining session last night in New York, local gold premium widen to VND3.5 million/tael while dollar prices were stable
As of 10:50 Hanoi time, Sacombank-SBJ gold was listed at VND45.01 million/tael -VND45.429million/tael for bid and ask, respectively.
SJC gold was last traded at VND44.9 million and VND45.17 million/tael for bid and ask respectively.
Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND45.1 million/tael and VND45.3 million/tael for bid and ask, respectively in Hanoi.
Domestic gold premium has risen to VND3.5 million/tael again. This wide spread is believed to be a threat to forex stability.
It is reported that SJC and selected local banks will be allowed to establish a gold fund to intervene the market while the local premium is too high. They will also permitted to trade gold on international account as a hedge move.
Global Markets: Gold Gains for Third Day
Gold had its largest one-day rise in nearly a month on Monday in New York Greece warned it will miss deficit targets set to avoid bankruptcy. Spot gold was up 1.7 % to $1,651.39 an ounce. U.S. gold futures for December delivery were up 2.3% to $1,659.50 an ounce.
In Asia trade this morning, U.S. gold futures rose 1% to $1,662.9 an ounce by around 830 am Singapore/HK time, having hit a high of $1,674.4 an ounce.
Spot gold was steady at $1,660.09 an ounce — well below a lifetime high around $1,920 struck in September.
Credit Suisse raised the 2012 gold price outlook to $1,850 an ounce from $1,540, but cut its 2012 platinum price forecast to $1,775 per ounce from $1,990.
“The environment for gold is still kind of perfect,” Reuters quoted Ronald Stoeferle, gold analyst at Erste Group as saying. “We have negative real interest rates more or less all over the world, there’s extreme systemic risk, and there is a very fundamental need for a safe-haven currency.”
“We’re still up (16.5%) in 2011. Compared to the equity markets, that’s a pretty nice outperformance,” he said. “Corrections like this are healthy for the long-term uptrend.”
Local Dollar Stable
Vietnam’s central bank kept the U.S. dollar’s exchange rate to VND20,628 unchanged for a 35 days. Banks mostly keep their dollar prices unchanged. Dollar prices in gold shops in Hanoi was last traded at VND21,350-21,400 for bid and ask respectively, VND550 higher than the official ceiling rate. – Source:StoxPlus.com.

Tags: Dollar Stable, Vietnam Dollar Stable, Vietnam economic growth, Vietnam economic news, Vietnam economy, Vietnam economy 2011, vietnam gold

Posted by quynhdn on Oct 4 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