Vietnam gold price faintly rises on Sept. 30

The price of gold in Vietnam recovered to around 44.5 million dong a tael (1.2 ounces) on September 30 as global price struggled to jump over $1,600 an ounce amid investor cautiousness.
Sacombank Jewelry Company bought gold at 43.91 million dong and sold at 44.91 million dong at 10:40 am local time.

Saigon Jewelry Company, the largest processor and gold trader in Vietnam, collected gold at 44.08 million dong and sold at 44.33 million dong in Ho Chi Minh City at 11:20 am local time. In Hanoi, the company bought gold at 44.08 million dong and sold at 44.35 million dong.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at 44.05 million dong and sold at 44.45 million dong at the same time.

Domestically, gold remained fetching around 3.5 million dong a tael higher than global price although the central bank increased quotas for local jewelry companies to import more gold in August and September.

According to gold traders, buying and selling demand was rather balanced on bullion market. Some people consider a price at around VND44 million a tael as a reasonable price to buy in. However, many people sold gold on concern that the metal would decline further.

On foreign currency market, the dollar exchange rate maintained below 21,300 dong as of a few days ago. Dollars continued to be bought at 21,230 dong and sold at 21,270 dong on free market in Hanoi.

Vietcombank bought the greenback at 20,830 dong, and sold at 20,834 dong. The interbank exchange rate remained at 20,826 dong.

Internationally, gold regained on easing concern over the European sovereign-debt crisis after the German parliament approved to expand the powers of the 440 billion-euro ($600 billion) EFSF. However, rising momentum was prevented by a sale of 10 metric tons of gold of the world’s largest exchange traded fund backed by bullion, SPDR Gold Trust, which sent the company’s holdings to 1,231.9 metric tons.

Gold for immediate delivery rose as much as $6.2 an ounce, or 0.4 percent, to close at $1,616.9 an ounce on the Comex in New York.

In Asia, spot gold added up $10.8 an ounce to trade at $1,627.5 an ounce at 10:25 am Vietnamese time. Earlier, the metal gained more than $20 an ounce.

The metal has lost 11 percent this month, the biggest loss since a drop of 17 percent in October 2008 after Lehman Brothers’ collapse.

The euro exchange rate against the US dollar stood above $1.35 a euro in Tokyo this morning.
Saigon Giai Phong

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