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Vietnam Gold Market News

Vietnam Business » Vietnam Gold Market News » June 9: Vietnam Gold Falls VND200,000/teal, Dollar Stays Flat

June 9: Vietnam Gold Falls VND200,000/teal, Dollar Stays Flat

Sacombanks bullion gold bid and ask were listed at VND28.12 million and VND28.16 million/teal on todays morning. A teal is equal to 1.2 ounce. Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND28.07 million and VND28.17 million a tael. And, SJCs bullion gold bid and ask were listed at VND28.12 million and VND28.2 million.

Vietnam gold prices fell nearly VND200,000 a tael to 28.2 million/teal on June 9 as the global gold price drops to $1,236/ounce after hitting a record at $1,250 an ounce last night on the New York market.

Local gold shops said that the local gold prices rose by VND600,000 to VND28.4 million/a tael within 24 hours yesterday, the highest level over the past six months.

The gold trading was reported to be more active as local investors took the price advance to make profit.

In Asia market this morning, spot gold was at $1,236.55 an ounce in Asian trade, up $2.92 from New Yorks notional close on Tuesday, when it rose as high as $1,251.20 -- its highest ever.

"I think we can say the market is consolidating," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. "As long as the interest rates do not increase in the U.S., you can say the market is still bullish."
Two top U.S. Federal Reserve officials on Tuesday offered opposing signals on the direction of interest rates, highlighting a split within the central bank.

Holdings in the worlds largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a record high at 1,298.530 tonnes as of June 8, from 1,286.359 tonnes as of June 4.

U.S. gold futures for August delivery fell $6.5 to $1,237.5 an ounce after hitting an all time high the previous day.

In the local forex market, dollar at the gold shops held steadily under VND19.000 threshold. Gold shops gold bid and ask were listed at VND18,970 and VND18,990, respectively.

In the official market, Vietcombanks dollar bid and ask were listed at VND18,960 and VND19,000, down VND20 for offer from yesterday close; while the State Bank of Vietnam sets inter-bank exchange rate unchanged at VND18,544.

Vietnam Business And Financial News Network. Source [stox.vn]

More Vietnam Gold Market News:

• Gold prices rising, people rush to sell gold to reap profit
• Gold loses its lustre for Vietnamese
• Vietnam gold price nearly hits 28 million dong per tael threshold
• 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

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