Vietnam - Gold weakly changes

by lexie Mon Sep 19, 2011 10:51 am

September 19, 2011

Gold weakly changes

The price of gold in Vietnam faintly moved around VND47.3 million a tael (1.2 ounces) on September 19 although the heavy metal sharply rose on global market this morning.

Sacombank Jewelry Company bought gold at VND47.06 million and sold at VND47.24 million at 11 am local time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND47.1 million and sold at VND47.35 million at the same time.

Domestically, gold fetched around VND1.5 million a tael higher than global price.

Nguyen Cong Tuong, deputy head of gold trading department under Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, said that his company had asked the State Bank of Vietnam for its permission to import the next course of gold. Tuong said his company usually asked to import around a ton of gold, however, the actual amount of each import will be decided by the authority.

Explaining for outpacing of domestic price against the global price, Tuong said that global price changed erratically, while domestic price failed to keep pace with it. In addition, gold was backed by strong local buying demand.

“The company sold 11,000 taels of gold while buying only 3,000 tael last Friday”, he cited.

On foreign currency market, the dollar exchange rate slightly declined on free market this morning. The greenback was bought at VND21,020 and sold at VND21,060.

Meanwhile, Vietcombank continued buying dollars at VND20,830 and selling at VND20,834. The inter-bank exchange rate also remained stable at VND20,628 per dollar.

Internationally, gold advanced as global economic growth remained faltering, bolstering demand for the precious metal as a safe-haven.

Gold for immediate delivery gained nearly $10 an ounce over the closing price in New York to trade at $1,824.3 an ounce at 11 am Vietnamese time.

The euro exchange rate against the greenback was at nearly $1.37 in Tokyo this morning.

Crude oil futures for October delivery fell $1.13 a barrel over the closing price in New York to trade at $86.84 a barrel on the New York Mercantile Exchange at 11 am Vietnamese time.

http://www.vietfinancenews.com/2011/09/gold-weakly-changes.html#more