Gold traded at 43.65-44.07 million dong per tael on Friday

The local gold price today Friday October 7 remained unchanged after the global counterpart increased over $10/ounce. Yesterday October 6, five commercial banks and Saigon Jewellery Co (SJC) were allowed to sell gold to stabilise the domestic market.

At 8:35 am local time today, the SJC gold price in Hanoi was traded at 43.65-44.07 million dong per tael, remaining unchanged from late yesterday.

The SJC gold price increased in the first two days of this week and fell for two following days and remained unchanged today when opening the market. In comparison with last weekend, the SJC gold price slipped 200,000 dong per tael.

On October 6, the State Bank of Vietnam (SBV) allowed Eastern Asia Commercial Joint Stock Bank (EAB), Asia Commercial Joint Stock Bank (ACB), Vietnam Technological Commercial Joint Stock Bank (Techcombank), Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB) and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) together with SJC to sell gold to stabilise the local market. The gold selling price of banks will be the SJC gold price.

As reflected by the local newswire Tuoi Tre (Youth), on October 6, commercial banks and gold traders sold over five tonnes of gold, equalling to over 130,000 taels of gold, but it accounted only a small part in the gold fund of five commercial banks and SJC.

In the next days, the market intervention will be continued till reaching the suitable price level between the local and global gold price.

Closing the session on October 6, the world gold price for December delivery increased $11.6 per ounce to $1,653.2 per ounce, marking the increase for the first week in recent five weeks. Entering the session today, the gold price for December delivery continued to increase to $1,655 per ounce.

The spot gold price on Kitco floor is at $1,653 per ounce.

According to the forex rate at bank, the difference between the local and global gold price has been narrowed to 1.8 million dong per tael. – DVT

Posted by VBN on Oct 7 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