VINACHEM

This morning, Vietnam gold fell by VND80,000/tael versus yesterday close to VND37.6 million/tael, bucking the world trend.

SJC Hochiminh was traded at VND37.00 million/taelfor bid and VND37.60million/tael for ask respectively as of 09:54 am, Hanoi time.

SJC in the North quoted at VND37.00 million/tael for bid and VND37.60 million/tael for ask.

Techcombank gold prices were listed at VND37.05-VND37.60 million/tael for bid and ask, respectively.

Domestic gold premium stood high at VND4.8 million/tael higher than the world gold prices based on Vietcombank rate ($1=VND21,246), down from VND5.05 million/tael yesterday morning.

Gold Soars in New York But Eases in Asia Trade

The yellow metal jumped in New York trade last night, posting its biggest weekly gain for nearly 2 yearson easing fears of an early end to U.S. monetary stimulus that has boosted bullion’s appeal as a hedge against inflation. The metal slightly ease in Asia trade this morning.

Gold still posted nearly 25% fall so far this year, could face further headwinds as some investors jump to rallying stocks, dumping holdings in gold-backed exchange traded funds, Reuter commented.

At Kitco floor today, spot gold was quoted at $1,284.80-1,285.80/ounce for bid and ask, respectively as of 09:54 am, Hanoi time.

Local Dollar Stable

Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND20,036 on Friday.

Today, commercial bank all lowered dollar prices by VND10-25/dollar for buying, ranging from VND21,180-21,225/dollar and kept selling prices at the ceiling of VND21,246/dollar