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Vietnam Gold Market News

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Local gold prices track global slide   2009-12-10 - VNA

The domestic gold price lost about 400,000 VNMD per tael on Dec. 9, driven by the 1.8 percent decline on the global gold price, to finish at 27.7 million VND (1,457 USD) per tael.

Sai Gon Jewellery (SJC)’s branch in Hanoi listed buy/sell prices at 27.60 VND and 27.76 million VND per tael, while SJC in HCM City said it was 27.60 and 27.70 million VND .

Meanwhile, Bao Tin Minh Chau Jewellery Co said its “Dragon” gold leaf was selling for 27.68 – 27.80 million VND per tael. While Phu Nhuan Jewellery Co’s “PNJ-DAB” gold leaf was being traded at about 27.68 -27.75 million VND per tael.

Sacombank was listing SBJ gold leaf prices at 27.60 - 27.80 million VND per tael, while Agribank Jewellery Co was selling its “AAA” gold leaf at 27.25 - 27.65 million VND.

Meanwhile, orders on gold exchanges in Hanoi were being matched at about 25.09 – 25.86 million VND per tael.

With import tax and other fees, the global gold price on Dec. 9 was equivalent to 27 million VND per tael, while the domestic price was 700,000 VND higher.

Sacombak Jewellery Co on Dec. 9 blamed the domestic decrease on the surging US dollar prince and SPDR Gold Trust’s selling of 13 tonnes of the precious metal.

Gold futures for February fell 20.60 USD to 1,143.40 USD an ounce on the New York Exchange, [one tael is equal to 1.2 ounces]. The most-active contract dropped 6.1 percent in the past three sessions after touching a record 1,227.50 USD on Dec. 3.

However, compared to the beginning of the year, the global gold price has gained 29 percent.

The US dollars, meanwhile, reached a one-month high against the euro, gaining as much as 0.9 percent, By Dec. 9, in New York the gold price was 32 percent up on the start of the year, which market experts said was due to record-low US interest rates that caused the dollar to lose 5.7 percent against the euro.

Commercial banks on Dec. 9 were quoting the US dollar at 18,468-18.418 VND, while the greenback on the black market was steady at 19,400 VND-19,500VND.

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