Vietnam Gold Market News

Advertisements

Random Post

• Vietnams economy predicted to grow faster
• Ngoc Nghia plastic maker to list on Ho Chi Minh Stock Exchange
• Vietnam’s ODA Disbursement Remains Low: Minister
• Capital honours excellent rural businesspeople
• Vietnam may export 7 million tons of rice
• Real estate credit growing slowly

Vietnam Gold Market News

Vietnam Business » Vietnam Gold Market News » Vietnam Gold Drops VND400,000/Tael, Dollar Unchanged

Vietnam Gold Drops VND400,000/Tael, Dollar Unchanged

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold, were listed at VND28.27 million and VND28.37 million a tael; while SJC bullion bid and ask were listed at VND28.28 million and VND28.37million/tael in todays morning.

Local gold prices plunged by VND400,000/a tael on June 22 after the global gold price dropped 1.9% to 1,233.6 an ounce last night on the New York market.

Sacombanks bullion gold bid and ask were listed at VND28.34 million and VND28.38 million/tael in todays morning. A tael is equal to 1.2 ounce.

The gold trading became more active as speculators saw money making opportunities, gold dealers said.

In Asia trading, spot gold rose $6.65 to $1,238.30 an ounce, U.S. gold futures for August delivery fell $1.5 an ounce to $1,239.2, after hitting a record around $1,266.

Gold has rallied to records as investors turned to the metal on worries the euro debt crisis would spread, the U.S. economy may be slowing and after Chinas move to make the yuan exchange rate flexible put pressure on the dollar.

"Theres some physical buying from the retail sector but I think theres not much. The market is consolidating after reaching record highs," said a dealer in Hong Kong.

"This is also a good time to take profits but I dont think gold will fall below $1,200. We may trade in a range of $1,230 to $1,248 ahead of the FOMC meeting. If goes back to around $1,250, we may see another record high next week," he added.

Chinas central bank set the yuans daily mid-point at 6.7980 against the dollar on Tuesday, in the second day of trading since China pledged at the weekend to make the yuan more flexible.

The Federal Reserves two-day policy meeting begins on Tuesday and some dealers are increasingly convinced the U.S. central bank will leave its policy rate target in the zero to 0.25 percent range until the middle of 2011.

The worlds largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings were unchanged at a record high at 1,307.963 tons.

In the local forex market, dollar in the gold shops were traded steadily under VND19.000 threshold; while in the official market, Vietcombanks dollar bid and ask were listed unchanged at VND18,940 and VND18,990. The State Bank of Vietnam sets inter-bank exchange rate stable at VND18,544.

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

More Vietnam Gold Market News:

• Vietnam gold price hits seven month high
• Gold adds small rise
• Vietnam Gold Surpasses VND28Mln/tael, Dollar Stays Flat
• Vietnam Gold Climbs Back 28Mln/tael, Dollar Unchanged
• June 9: Vietnam Gold Falls VND200,000/teal, Dollar Stays Flat
• 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

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