Vietnam gold up vnd20,000, interbank dollar rise but effective prices down

Local gold on April 29 rose by ND20,000 in the morning to VND37.63 million a tael despite strong global gold rally, the inter-bank dollar reference rate rose by VND5 to VND20,698 but banks continued to sell dollar under this midpoint.

As of 9:50 Hanoi time, Sacombank-SBJ gold as listed at VND37.56 million/tael and VND37.6 9million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tn Minh Chau were listed at VND37.5 million/tael and VND37.65 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND37.57 million/tael and VND37.66 million/tael for bid and ask, respectively.

Compared with yesterday morning, local gold prices are up VND10,000- 50,000 but rose VND20,000 from yesterday close.

Local media reported that Hanoi will investigate gold and dollar shops in the city from May 2, 2011 to fight illegal trades.

In Asia trade this morning, spot gold last bid at $1533.5 an ounce, up $0.75 from yesterday morning after hitting the high of $1359.5 an ounce.

Gold prices were within sight of historic highs on Friday and could resume an uptrend as the dollar held near three-year lows against a basket of currencies on the Federal Reserve’s intention to keep interest rates near zero.

In local money market, the dong eased by VND5 to VND20,698 a dollar, the ceiling rate is at VND20,905. Banks offered dollar VND350 lower than the ceiling, negative daily trading band continued to be applied. Vietcombank, Vietnam’s biggest dollar trader, quoted dollar prices at VND 20,495 – 20,595, respectively for bids and ask,  VND45 lower than yesterday offer.  -Stoxplus.com

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