Gold increased to VND45.40 million/tael on Tuesday morning

Vietnam gold increased VND0.35 million a tael from Monday close to VND45.40 million/tael on Tuesday morning despite the world gold lost both in New York last night and in Asia this morning. Local dollar prices were still kept at VND20,803 from Oct 28

SJC Hanoi quoted at VND45.20 million/tael for bid, and VND45.42 million/tael for bid and ask, respectively as of 9: 35 Hanoi time.

SJC Ho Chi Minh listed at VND45.20-45.40 million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND45.05-VND45.35million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company,was trading at VND44.20 million/tael and VND44.60 million/tael for bid and ask, respectively.

BaoTin Minh Chau company which often listed its Rong Thang Long gold prices higher than SJC’s gold prices in the past, has listed its gold prices lower than the SJC‘s ones recently as the news that the State Bank of Vietnam may approve only SJC company to produce the bullion in the near future.

Investors are reported to sell Bao Tin Minh Chau’s gold more heavily in recent days on the SBV’s policy though government said that even if the proposal comes into force, it does not affect the existing bullion in the market.

Global Markets: Gold Lost in Both New York And Asia Trades

In New York trade last night, gold dropped to finish at $1678 an ounce on stock market sell-off.

Spot gold lost 3.1% to close at $1,671.49 an ounce. U.S. gold for December delivery fell $46.50 ( more than 2%) to settle at $1,678.60 an ounce. Trading volume sharply exceed its 30-day norm.

In Asia trade this morning, Kitco quoted spot gold at $1683.90-1685.60/ounce for bid and ask, respectively by 9:40 am, Hanoi time.

The yellow metal prices were down on worries about a debt crisis in both the United States and euro zone.

U.S. lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on Monday in a sign that Washington likely will not be able to resolve a dispute over taxes and spending until 2013.

On the other side of the Atlantic, the debt crisis swept closer to the heart of Europe as Moody’s warned about France’s credit ratings outlook, despite a crushing victory of Spain’s conservatives in the election over the weekend. Quoted Reuters. – Stoxplus

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