Vietnam gold falls to vnd37.3mln, dollar falls to 3 week low

Vietnam gold prices fell by VND300,000 to VND37.7 million while dollar fell by VND5 to VND20,703 lowest since April 5 as global gold fell in Asia and US dollars fell against a basket of hard currencies.

As of 9:00 this morning, SJC gold was listed at VND37.26million/tael and VND37.4million/tael for bid and ask, respectively, down VND270,000.

Sacombank-SBJ was listed at VND37.26million/tael and VND37.36 million/tael for bid and ask, respectively, down VND300,000.

In Asia trade this morning, global gold tumbled after a seven-day record-setting run, as market participants return from the long Easter weekend and focus on a U.S. Federal Reserve policy meeting starting later in the day.

As of 10:30 Hanoi time, spot gold fell 0.73% to break down $1,500 threshold to $1497.50 an ounce, off the record high of $1,518.10 set in the previous session.

U.S. gold futures also eased from its all-time peak of $1,519.2, to $1497.50.

Interbank dollar in Vietnam eased further by VND5 after a halt yesterday to VND20,703, the lowest level since April 5 as global investors continued to dump dollars.

Accordingly, the ceiling price fell to VND20,910 on 1% trading band basis.

Local banks continued to sell dollar VND150-175 a dollar lower than the ceiling prices and broadly widen spread between bid and ask to VND70-VND100 to minimize risks. – Stoxplus.com

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