Gold sinks below VND44 million

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SaiGon GP English - 36 month(s) ago 4 readings

Gold sinks below VND44 million

A sharp losing momentum in global price sent the price of gold in Vietnam to below VND44 million a tael (1.2 ounces) on December 19, whereas black market dollars inched up.

Sacombank Jewelry Company bought gold at VND43.5 million and sold at VND43.9 million as of 10:40am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND43.5 million and sold at VND43.9 million as of 10:34am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.65 million and sold at VND43.95 million at 10:26am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.5 million for buying, and VND42.8 million for selling at 12:27pm Vietnamese time.

Domestically, SJC-brand gold fetched around VND3 million a tael, higher than global price.

The interbank exchange rate stayed at VND20,813 for five straight days. Vietcombank bought the greenback at VND21,015, and sold at VND21,021 per dollar. On black market one dollar was bought at VND21,330, and sold at VND21,380, an increase of VND10 per dollar in buying price, and VND30 per dollar in selling price over last weekend.

In Asia, spot gold was traded at $1,591.7 an ounce, down $9 an ounce over the closing price in New York, at 10:30 am Vietnamese time.

Despite a recovery of 1.8 percent last weekend, gold remained under depreciation pressure due to concerns over the European sovereign-debt crisis. The precious metal continuously declined recently when commodities and stocks dropped because gold is no longer considered a top safe-haven.

Fitch Ratings warned it may downgrade France and six other euro zone nations as it believes a comprehensive solution to the region's debt crisis is ‘technically and politically beyond reach’.

Moreover, gold fell as investment funds cashed out gold positions to close their books for the year.

The dollar rose slightly against other major currencies after news that North Korea's leader Kim Jong-il had died. The euro exchange rate against the US dollar was at $1.3 a euro, near an 11-month low.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged from a day earlier at a one-month low of 1,279.975 tons by December 17, down 15.426 tons, or 1.2 percent from a week earlier.

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