April 5: Vietnam gold falls to VND36.72Mln, Dong eases

Local gold on April 5 fell to VND36.72million/tael, down for the second straight day while global gold rose to settle at $1,433 an ounce in New York last night. Meanwhile, the dong eased VND10 per dollar in the official market.

As of 1: 52 p.m. Hanoi time, Sacombank-SBJ gold as listed at VND36.68million/tael and VND36.74million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.63million/tael and VND36.75million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND36.65million/tael and VND36.74million/tael for bid and ask, respectively, meanwhile, SJC in HCMC was listed at VND36.65million/tael and VND36.72milllion/tael for bid and ask, respectively.

In Asian trade this morning, gold added 30 cents to $1,436.85 an ounce — below a lifetime high around $1,447 an ounce struck last in March. Trading was slow, with financial markets closed in Hong Kong and mainland China.

“I think China has turned to silver jewelry since last year because it’s cheaper. I do see demand for silver from China for jewelry and I also heard China is buying silver for hedging purposes,” said a physical dealer in Singapore.

“Gold is very quiet, although I do see light physical buying from Thailand.”

U.S. gold futures for June rose $4.5 an ounce to $1,437.5 an ounce.

In local official forex market, the dong eased as the State Bank of Vietnam (SBV) weakened reference rate to VND20,713 per dollar, according to the central bank’s data. It was traded at VND20,915 and VND20,920 for bid and ask, respectively at Vietcombank.

The central bank on Friday hiked the reverse repurchase rate and refinance rates to 13% from 12% in an effort to battles soaring inflation. – Stoxplus.com

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