Vietnam gold falls to 43m dong, exchange rate down on Oct. 10

Vietnam gold prices lost 43 million dong a tael threshold this morning as world gold prices dropped 1 percent in New York trade last Friday and local dollar price was adjusted around 20,840 – 20,856 dong for bids and the ceiling 20,860 dong for ask.
SJC gold was last traded at 42.89 million dong and 43.31 million dong/tael for bid and ask respectively by 10:00 Hanoi time.

Sacombank-SJC gold was listed at 42.89 million dong/tael -43.29 million dong/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was traded at 43.15 million dong/tael and 43.47 million dong/tael for bid and ask, respectively.

Domestic gold narrowed gap about 1.2 million dong/tael higher than the world gold.

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 percent to $1,645.49 an ounce, after rising about 0.9 percent in the previous week.

US 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.

Local Dollar Falls

Vietnam’s central bank kept dollar exchange by 20,653 dong for second day as the highest level over four last months.

Banks remained dollar offer at ceiling of 20,860 dong en mass, dollar prices at the gold shop in Hanoi stood around 21,400 dong as yesterday closing. – Source: Vietbiz24.com

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