Vietnam gold price weakly changes

The price of gold in Vietnam faintly moved around 47.3 million dong a tael (1.2 ounces) on September 19 although the heavy metal sharply rose on global market this morning.
Sacombank Jewelry Company bought gold at 47.06 million dong and sold at 47.24 million dong at 11 am local time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at 47.1 million dong and sold at 47.35 million dong at the same time.

Domestically, gold fetched around 1.5 million dong a tael higher than global price.

Nguyen Cong Tuong, deputy head of gold trading department under Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, said that his company had asked the State Bank of Vietnam for its permission to import the next course of gold.

Tuong said his company usually asked to import around a ton of gold, however, the actual amount of each import will be decided by the authority.

Explaining for outpacing of domestic price against the global price, Tuong said that global price changed erratically, while domestic price failed to keep pace with it. In addition, gold was backed by strong local buying demand.

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

Posted by VBN on Sep 20 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