Latest topics
Vietnam - Gold retreats on central bank’s intervention
2 posters
Page 1 of 1
Vietnam - Gold retreats on central bank’s intervention
by lexie Fri Oct 07, 2011 12:14 pm
October 7, 2011
Gold retreats on central bank’s intervention
Despite a rise in global price, the price of gold in Vietnam dropped to below VND44 million a tael (1.2 ounces) on October 7 after the central bank of Vietnam took several actions to narrow the gap between domestic and international prices.
Vietnam’s central bank has allowed five banks, consisting of Asia Commercial Bank, Saigon Thuong Tin Joint Stock Commercial Bank, Vietnam Technological and Commercial Joint Stock Bank, Vietnam Export Import Commercial Joint Stock Bank, and DongA Bank, and Saigon Jewelry Company (SJC) to reopen offshore gold trading accounts.
These six institutions are expected to raise the supply in the domestic market by six tons of gold and they will buy and sell gold at the same price quoted by SJC.
Sacombank Jewelry Company bought gold at VND43.56 million and sold at VND43.94 million as of 10:25 am local time.
Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND43.55 million for buying, and VND43.95 million for selling in Ho Chi Minh City.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.75 million and sold at VND44.1 million at the same time.
Domestically, gold fetched VND2.25 million a tael higher than global price.
The interbank exchange rate surged for three consecutive days, gaining by VND5 per dollar to VND20,653. Vietcombank bought the greenback at VND20,856 per dollar, and sold at VND20,860 per dollar, an increase of VND6 per dollar over the previous day.
Meanwhile, dollar continued to drop on free market. The US currency was bought at VND21,380, and sold at VND21,470, at 10:45 am in Hanoi, a decrease of VND20 per dollar in buying price and VND30 per dollar in selling price over the previous day.
International, gold rose amid optimism that European officials were making progress in taming the region’s sovereign-debt crisis.
Gold for immediate delivery rose as much as $7.6 an ounce to close at $1,650.75 an ounce on the Comex in New York.
Gold futures for December settlement added nearly $10 an ounce to close at $1,651.9 an ounce.
Spot gold gained $7.8 an ounce to trade at $1,659.1 an ounce at 10:30 am Vietnamese time.
The euro exchange rate against the US dollar was at $1.34 in Tokyo at 11 am Vietnamese time.
Crude oil futures inched up $0.26 a barrel to trade at $82.85 a barrel on the New York Mercantile Exchange at the same time.
http://www.vietfinancenews.com/2011/10/gold-retreats-on-central-banks.html
Gold retreats on central bank’s intervention
Despite a rise in global price, the price of gold in Vietnam dropped to below VND44 million a tael (1.2 ounces) on October 7 after the central bank of Vietnam took several actions to narrow the gap between domestic and international prices.
Vietnam’s central bank has allowed five banks, consisting of Asia Commercial Bank, Saigon Thuong Tin Joint Stock Commercial Bank, Vietnam Technological and Commercial Joint Stock Bank, Vietnam Export Import Commercial Joint Stock Bank, and DongA Bank, and Saigon Jewelry Company (SJC) to reopen offshore gold trading accounts.
These six institutions are expected to raise the supply in the domestic market by six tons of gold and they will buy and sell gold at the same price quoted by SJC.
Sacombank Jewelry Company bought gold at VND43.56 million and sold at VND43.94 million as of 10:25 am local time.
Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND43.55 million for buying, and VND43.95 million for selling in Ho Chi Minh City.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.75 million and sold at VND44.1 million at the same time.
Domestically, gold fetched VND2.25 million a tael higher than global price.
The interbank exchange rate surged for three consecutive days, gaining by VND5 per dollar to VND20,653. Vietcombank bought the greenback at VND20,856 per dollar, and sold at VND20,860 per dollar, an increase of VND6 per dollar over the previous day.
Meanwhile, dollar continued to drop on free market. The US currency was bought at VND21,380, and sold at VND21,470, at 10:45 am in Hanoi, a decrease of VND20 per dollar in buying price and VND30 per dollar in selling price over the previous day.
International, gold rose amid optimism that European officials were making progress in taming the region’s sovereign-debt crisis.
Gold for immediate delivery rose as much as $7.6 an ounce to close at $1,650.75 an ounce on the Comex in New York.
Gold futures for December settlement added nearly $10 an ounce to close at $1,651.9 an ounce.
Spot gold gained $7.8 an ounce to trade at $1,659.1 an ounce at 10:30 am Vietnamese time.
The euro exchange rate against the US dollar was at $1.34 in Tokyo at 11 am Vietnamese time.
Crude oil futures inched up $0.26 a barrel to trade at $82.85 a barrel on the New York Mercantile Exchange at the same time.
http://www.vietfinancenews.com/2011/10/gold-retreats-on-central-banks.html
*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
lexie- Elite Member
- Posts : 1812
Join date : 2011-06-24
Re: Vietnam - Gold retreats on central bank’s intervention
by ADMIN Fri Oct 07, 2011 7:55 pm
PROGRESS! Narrowing the gap! Thanks Lex! :cheers:
ADMIN- Admin
- Posts : 3449
Join date : 2011-06-16 -
Re: Vietnam - Gold retreats on central bank’s intervention
by lexie Fri Oct 07, 2011 10:11 pm
Miskebam wrote:PROGRESS! Narrowing the gap! Thanks Lex! :cheers:
Hi,thanks, your so welcome!!!!
*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
lexie- Elite Member
- Posts : 1812
Join date : 2011-06-24
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Phony Tony sez: Full Steam Ahead!
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
» Russia aren't taking any prisoners
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
» ZIGPLACE
» CBD Vape Cartridges
» Classic Tony is back
» THE MUSINGS OF A MADMAN
» Minister of Transport: We do not have authority over any airport in Iraq
» Did Okie Die?
» Hello all, I’m new
» The Renfrows: Prophets for Profits, Happy Anniversary!
» What Happens when Cancer is treated with Cannabis? VIDEO
» An Awesome talk between Tucker and Russell Brand
» Trafficking in children
» The second American Revolution has begun, God Bless Texas
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
» Tucker talking Canada
» Almost to the end The goodguys are winning