August 26: Vietnam gold tops vnd47mln/tael, premium soars to $94.8/ounce

Vietnam gold 10:30 local time was trading VND2.2 million/tael higher than the open and VND2.4 million/tael higher than the global prices, or $94.8/ounce or 5.3% .

As at 10.30 Hanoi time, SJC gold rose 1 million/tael from the open to VND46.6- 47.02 million/tael for bid and ask respectively. The move sent JSC gold price up VND2.2 million from yesterday close and still VND200 lower than the record high stricken last weekend.

Thang Long gold, a product of Bao Tin Minh Chau, rose VND900,000 tael, SBJ of Sacombank rose VND700,000 tael from morning open.

At 10:00 local time, Bao Tin Minh Chau and Phu Quy’s gold shops had to stop trading gold on price volatility and gold shortage.

Bao Tin Minh Chau’s gold shops reopened at 10:20 while Phu Quy’s opened at 10:30 but they bought rather than sold gold. Bao Tin Minh Chau’s gold shops decided to close retail counter and turned off electricity price quote .

In Asia trade, spot gold was trading at $1,776/oz as of 10:30 local time, up $16 from 8:30 local time.

The news paper cited anestimation from a gold trader that Vietnam gold companies have sold around 4 tons of gold (over 100,000 tael) in total in the past 3 days when the gold prices had an extreme volatility swinging from the peak VND49 million/tael to VND44.4 million a tael, following global rollercoaster ride.

Nguyen Cong Tuong, deputy head of gold trading department of JSC said global gold prices have never been so volatile. Earlier, the biggest gold price range was within $100.

The State Bank of Vietnam vowed to stabilize local gold market, pursue price parity between local and global market. – Stoxplus.com

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