Vietnam gold increased VND0.57 million a teal on Friday morning

Vietnam gold increased VND0.57 million a tael from Thursday close to VND45.27 million a teal on Friday morning following the suit of the world gold prices.

SJC Hanoi quoted at VND45.05 million/tael for bid, and VND45.27 million/tael for bid and ask, respectively as of 9:22, Hanoi time.

SJC Ho Chi Minh listed at VND45.05-45.25 million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND45.05-VND45.20million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company,was trading at VND44.35 million/tael and VND44.70 million/tael for bid and ask, respectively.

BaoTin Minh Chau company which often listed its Rong Thang Long gold prices higher than SJC’s gold prices in the past, has listed its gold prices lower than the SJC‘s ones recently as the news that the State Bank of Vietnam may approve only SJC company to produce the bullion and JSC as SBV’s gold brand.

Investors are reported to sell Bao Tin Minh Chau’s gold more heavily in recent days on the SBV’s policy though government said that even if the proposal comes into force, it does not affect the existing bullion in the market.

Domestic gold premium stood high at VND0.44 million/tael today or 1.1 times higher than the SBV’s target of VND400,000/tael.

Global Markets: Gold Gained in New York and Hovered in Asia

In New York trade last night, gold continued its fourth consecutive day of gain following Joint Central Banks’ action.

Spot gold rose 0.2 % to settle at $1,749.89 an ounce. Gold rose 1.9 %in November, clocking up a seventh month of gains so far in 2011, but was still 9% below September’s lifetime high at $1,920.30.

In Asia trade this morning, Kitco quoted spot gold at $1,741.30-1,743.00 an ounce for bid and ask, respectively, as of 9:48, Hanoi time.

The world’s largest major central banks joined an action to boost dollar liquidity in the markets, prevent a global financial meltdown gave investors confidence to cut their holdings of cash.

The Europe’s policy makers will meet next week for much tighter budget controls. The new head of the European Central Bank mentioned that it stood ready to act more agressively to fight debt crisis in the area if the policy makers come to agreement.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate unchanged at VND20,803 for more than a month on Friday.

Commercial banks also kept their dollar prices quote unchanged, selling dollar at the ceiling VND21,011 and buying dollar at VND20,990- 21,006 today.

A gold shop in Hanoi was quoted at VND21,190-VND21,230 early this morning.

Source TEI/StoxPlus

Tags: Gold analysis, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, gold price forecast, Gold prices, price of gold, Spot gold, Spot gold price, Vietnam gold prices

Posted by admin on Dec 2 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry