Vietnam exports 6tons of gold in June

Gold traders estimated that Vietnam exported about 6 tons of gold in form of jewelry (over $300 million) in June 2011, the online media Thoi Bao Kinh Te Sai Gon reported June 17.

Gold traders estimated that Vietnam exported about 6 tons of gold in form of jewelry (over $300 million) in June 2011, the online media Thoi Bao Kinh Te Sai Gon reported June 17, adding that gold exporting will continue to increase on wide gap between domestic and global gold prices.

Gold traders estimated that Vietnam exported about 6 tons of gold in form of jewelry (over $300 million) in June 2011, the online media Thoi Bao Kinh Te Sai Gon reported June 17, adding that gold exporting will continue to increase on wide gap between domestic and global gold prices.

Local gold prices have been VND400,000-500,000/tael lower than global prices, encouraging gold exporters to borrow dollars at low interest rates and sell to the banks for dong to purchase gold, the online newspaper reported, adding that gold exporters also benefit from the strengthening dong.

Higher gold export turnover will certainly help reduce trade deficit in June and boost up dollar supply, the TBKTSG pointed out.

Gold exporting trend is expected to continue in the coming time as domestic gold prices are well below the global ones, and the gap between local and global gold prices will even widen further if dong interest rates remain at this “high level”, encouraging people to prefer holding the dong to gold, it added. – stoxplus.com

Tags: vietnam gold, Vietnam gold exports, Vietnam gold market