Vietnam gold falls, Dong rises on inter-bank market – Mar 16

Local gold prices on March 16 broke down VND37 million a tael as global gold fell 2% last night in New York, Vietnamese dong rose VND5 on the inter-bank market.

As of 16:00 Hanoi time, Sacombank-SBJ gold as listed at VND36.91 million/tael and VND376.97 million/tael for bid and ask, respectively,

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.82 million/tael and VND36.97 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND36.88 million/tael and VND36.97 million/tael for bid and ask, respectively, meanwhile, SJC in HCMC was listed at VND36.88 million/tael and VND36.95 milllion/tael for bid and ask, respectively.

Early trade this morning, local gold prices fell toward VND36.7 million a tael as world gold prices fell 2% last night in New York. However, both global and local gold prices pared the losses and global gold rose in Asia and Euro trade today.

In Euro trade this afternoon, gold regained strength after falling to a 1-month low in the previous session, but declines in ETF holdings to their lowest in 10 months.

Spot gold added $2.75 an ounce to $1,396.70 an ounce, having fallen as low as $1,380.90 an ounce on Tuesday, its weakest since mid-February. Gold was trading below the 25-day moving average around $1,403.

U.S. gold futures for April rose $4.5 an ounce to $1,397.3 an ounce.

“I think sentiment is a bit mixed now. We don’t know yet how the nuclear crisis will affect the world. Everything seems to stop in Japan, so the economy will deteriorate. We don’t know whether it will affect other areas,” Reuters quoted Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

“We heard there was some physical buying at about $1,390,” said Leung, adding that jewelers had deserted the physical market at current price levels.

Premiums for gold bars in Hong Kong were offered from as little as 90 cents to the spot London prices to as high as $1.70, reflecting an illiquid market.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings fell further to 1,212.745 metric tones by March 15, their lowest since May of last year, from 1,213.655 metric tones on March 14.

In local official forex market, the dong gained VND5 to trade at VND20,658 a dollar from previous day of VND20,663.

Vietnam vows to crackdown dollar illegal trade and prepares to close bullion trade in the free market – Stoxplus.com

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