Vietnam Gold Market News

Advertisements

Random Post

• Foreign investor tries to stall large steel project: official
• 22 countries recognise Vietnams market economy
• Vietnam Remains Attractive Investment Destination
• Non-Life Insurance Sector to Grow by 25 per cent
• Business executives discuss risk management
• Vietnam Ministry of Education and Training called universities and colleges to set up websites

Vietnam Gold Market News

Vietnam Business » Vietnam Gold Market News » Vietnam gold price nearly hits 28 million dong per tael threshold

Vietnam gold price nearly hits 28 million dong per tael threshold

In HCM City, the Saigon Jewellery Company quoted the SJC gold price at 9 am at 27.84-27.90 dong per tael (purchase and sale), an increase of 60,000 dong per tael over June 1, 2010. The bar gold with Phuong Hoang PNJ-DAB brand of Phu Nhuan Jewellery Company was quoted at 27.84-27.88 million dong per tael at 9 am this morning.

The domestic gold price has continued to steadily rise on the morning of June 2, with the sale price quoted by major gold trading companies reaching 27.9 million dong per tael.

In Hanoi, SJC gold quoted by Phu Quy Company at the same time was 27.76-27.84 million dong per tael (purchase and sale). The Thang Long Dragon brand of Bao Tin Minh Chau Company has he prices of 27.80-27.90 million dong per tael, increasing by 60,000 and 70,000 dong per tael over yesterday morning.

The worlds gold price remains at a high level thanks to high demand. The worlds gold price nearly hit $1230 per ounce last night (Hanoi time), after warnings from the European Central bank ECB that the banking sector may face big losses.

The Tien phong newspaper quoted analyst Stephen Platt of Archer Financial in Chicago, U.S., who said that investors still continue storing up gold due to fears about the instability of the euro currency.

SPDR GoldTrust on June 1 purchased 0.304 more tonnes of gold, raising the total volume of gold the organization holds to 1,268.234 tonnes.

According to Tuoi tre newspaper, after the gold price increased by 160,000 dong per tael on June 1, 2010 to 27.88 million dong per tael, people have rushed to sell gold. The owner of a gold shop on Le Thanh Ton street in District 1 in HCM City said that people are rushing to sell gold at this moment, and hope to purchase gold later, when the prices go down.

The Vietnamese gold market has become quiet again, thanks to jewellery companies that now do not want to buy gold to make jewelry products for export any more due to increased prices. The worlds gold price is still higher than the domestic price, but the difference is not large enough to prompt gold trading companies to resume gold jewellery products.

The interbank exchange rate announced by the State bank of Vietnam for June 2 is 18,554 dong per dollar. Meanwhile, the prices quoted by commercial banks are at 18,960-19,000 dong per dollar (purchase and sale).

The dollar price on the black market sold on June 1 was even lower than the exchange rates quoted by commercial banks, which helps explain why many people who want to purchase dollars to pay for tours and overseas study bought dollars on the black market instead of the official market.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

More Vietnam Gold Market News:

• Cambodian gold mine attracts Vietnamese enterprises
• Vietnam Gold, Dollar Prices Stay Flat on Thin Volume
• Vietnam Gold exports helped decrease May trade deficit
• Vietnam Gold Prices Gain VND150,000/Tael, Dollar Prices Stable May 25
• Gold Settles Near $1,200 on Safe-Haven Demand
• US dollar, gold slip on Vietnam market
• Gold Prices Continue to Fall VND400,000/Tael, Dollar Prices Stable
• Gold Dips to 2-Week Lows on Sharp Selloff
• Should Investors Buy on Golds Dip?
• Many say gold prices can only weaken

Popular Vietnam Business News

Vietcombank H1 Pretax Profit of VND2,450B Meets 75 per cent of Year's Target

The Joint Stock Bank for Foreign Trade of Vietnam (VCB) made pretax profit of VND2,450 billion in the first half this year, fulfilling 75 per cent of its yearly target,

Bank For Agricultural Of Ho Chi Minh City

These are some of the leading stories in the official Vietnamese press on Tuesday. Reuters has not verified these stories. -- Partly private Dong A Bank said it made a

PetroVietnam Asked to Rebuild Financial Plan for Dung Quat Refinery

The US$3.1-billion refinery has to date produced gasoline A92, kerosene, diesel oil, and liquefied petroleum gas (LPG) for the market. The plant had sold a total of 5,630 tons of

Sheraton set for Nha Trang market entry

The Sheraton Nha Trang, located in the central coastal city of Khanh Hoa Province, will host its soft opening on March 19 to welcome both business and leisure travellers. The

Dana - Italy Steel JSC applies for listing shares on northern bourse

Hanoi Stock Exchange (HNX) announced to receive application profile for listing 15 million shares of Dana - Italy Steel Joint Stock Co on March 19, 2010. The company with chartered

Low-income Apartment Segment Attracts Investors

While the apartment block segment has not yet seen recovery; low-cost houses are attracting speculators attention, which has helped to form a sudden price hike in realty in the west

Vietnam garment exports set to rise as industry holds line on prices

Viet Nams garment industry has a worldwide reputation for making competitively priced and high quality garments, a survey conducted by the US-based non-profit group Kearny Alliance has found.

Vienam eeal estate developers race to build skyscrapers

Thirty-seven, sixty-eight, seventy, even 102 storeys - in Hanoi and Ho Chi Minh City, bigger and bigger buildings are reshaping the skyline. Most skyscraper projects have been developed by heavyweights

Advertisement