Vietnam gold price held steady at around 43.55 million dong a tael

Vietnam gold price this morning December 24 held steady at around 43.55 million dong a tael (1.2 ounces) equalling to Friday’s closing price (43.55 million dong) as world gold fell last night. Local official dollar rate was raised to 20,828 dong.
By 9:00 a.m Hanoi time, Saigon Jewelry Company, the biggest gold firm in Vietnam, collected gold at 43.15 million dong and sold at 43.50 million dong a tael.

Sacombank Jewelry Company bought gold at 43.35 million dong and sold at 43.60 million dong a tael.

Rong Thang Long gold, a product of Bao Tin Minh Chau company, was traded at 42.45 million dong/tael and 42.70 million dong/tael for bid and ask, respectively.

Phu Nhuan Jewlery Company bought its branded gold so-called Phuong Hoang PNJ-DAB at 43.15 million dong and sold at 43.50 million dong a tael.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at 43.45 million dong and sold at 43.65 million dong.

On the world market, gold prices fell last night, as upbeat U.S. data boosted interest in assets seen as higher risk at the dollar’s expense. Volumes were light, however, as financial markets wound down towards year-end.

Spot gold dropped 0.02 percent at $1,605.90 an ounce. The precious metal remains on track for its worst quarterly performance in more than three years, although it has still climbed more than 13 percent this year.

U.S. gold futures for February delivery settled at $1,606, having dropped $4.60 during Friday trading.

“Markets have now moved into a pretty rock-steady price range, with most investors on the sidelines ahead of the new year,” said Pradeep Unni, senior analyst at Richcomm Global Services. “Volatility too has declined significantly.”

He added: “In the immediate term it looks like gold will be associated with the other risky assets and may slip lower when we see a spike in the U.S. dollar. The safe-haven status of gold seems to have been tarnished a bit.”

Positive jobs and consumer sentiment data from the U.S. sparked a retreat in the dollar — which has been a beneficiary of safe-haven flows recently — and a rise in the euro. Gold, which becomes cheaper for holders of other currencies as the U.S. unit weakens, rose.

Stocks climbed in Europe and U.S. stock futures pointed higher as nominally higher-risk assets benefited from the data, although they remain overshadowed by the euro zone sovereign debt crisis.

Vietnam’s central bank suddenly raised the US dollar’s exchange rate by 15 dong to 20,828 dong on December 24, marking all-time high in its history after eight days it had been kept unchanged as demand for the greenback rose at year-end.

The forex rate gained 200 dong per dollar, or 0.97 percent since Oct 5.

Asia Commercial Bank, Eximbank and some other banks also raised the dollar exchange rate at between 21,015- 21,033 dong/US dollar (bid) and 21,036 dong/US dollar (ask).

Yesterday, the US dollar on the free market in Hanoi was traded at 21,220 dong (purchase) and 21,250 (sell).

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Posted by admin on Dec 24 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