VINACHEM

Vietnam gold edged up from yesterday close but fell from yesterday morning to VND42.15 million a tael this morning. World gold eased both in New York trade last night and in Asia trade this morning.

SJC Hanoi quoted at VND41.93 million/tael for bid and VND42.15 million/tael for ask, respectively as of 9:07 am, Hanoi time.

SJC Sacombank-gold was listed at VND42.02-VND42.12 million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND41.40 million/tael and VND41.70 million/tael for bid and ask, respectively.

In the market, non-SJC gold was trading around VND450-500,000/tael lower than SJC gold this morning, almost unchanged from yesterday.

Gold Falls both in New York and Asia Trade

The yellow metal extended loss in Asia trade this morning after easing in New York trade last night. Investors awaited for signals the euro-zone debt crisis.

In New York trade last night, spot gold was traded down 0.08% an ounce to settle at $1,590.80. U.S. gold futures lost 0.2% from Friday trading to $1,588.70 an ounce.

At Kitco floor this morning, spot gold was quoted at $1,590.50-1,591.50/troy ounce for bid and ask, respectively as of 9:14 am, Hanoi time.

Last night in New York trade, gold slightly lost as worries on euro debt crisis stocked the gold demand.

The Euro untracked the yellow metal to gain in the day. However, market analysts said that any recovery in the euro is expected to be short-lived as worries about Greece persisted even after world leaders at a weekend meeting expressed support for Athens to stay in the euro.

Local Dollar Stable

Vietnam’s central bank kept dollar midpoint rate to VND20,828 today, stable for more nearly 5 months.

Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036 but commercial banks mostly quoted dollar prices below the upper limit.

Commercial banks kept the dollar prices unchanged for 10 days, ranging from VND20,810-20,830 for bid and VND20,870 for ask, respectively.