Nov 29: Vietnam gold increases to VND44.97Mln/Tael

Vietnam gold slightly increased to VND44.97 million a teal on Tuesday morning, up VND0.17 million/tale from Monday close, following the world gold prices.

SJC Hanoi quoted at VND44.80 million/tael for bid, and VND44.97 million/tael for bid and ask, respectively as of 8:35, Hanoi time.

SJC in the free market was listed at VND44.80-45.00 million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND44.80-VND44.95million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company,was trading at VND44.10 million/tael and VND44.50 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 and JSC as SBV’s gold brand.

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.

Domestic gold premium stood high at VND1.12 million/tael today or 2.8 times higher than the SBV’s target of VND400,000/tael.

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

In New York last night gold recorded its biggest one-day gain over the last 3 weeks with nearly 2% rise to above $1,700 an ounce on the European Union Proposals.

Spot gold added up 1.8 % to over $1,709 a troy ounce. U.S. December gold futures rose $25 to settle at just over $1,710.

In Asia trade this morning, Kitco quoted spot gold at $1,707.80-1,708.80 an ounce for bid and ask, respectively, as of 8:39, Hanoi time.

The yellow metal rallied in New York trade Monday night after the news that German and France stepped up a drive for euro zone members to comply with European Union rules. Traders and investors were in a better mood.

The eurozone ministers are going to meet today Nov 29 for approval of detailed operation rules for the region’s bailout fund. Approval would pave the way for the 440 billion euro facility to draw cash from investors. – Stoxplus

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