Price of gold in Vietnam hovered around VND45.2 million per tael (1.2 ounces) on February 25 as global price declined slightly due to profit-taking. Sacombank Jewellery Company bought gold at VND44.7 million and sold at VND45.2 million as of 9.40 am Vietnamese time. Saigon Jewellery Company, Vietnam's biggest gold processor and trader, collected the metal at VND45.02 million and sold at VND45.17 million as of 8.03 am Vietnamese time. Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND45.05 million and sold at VND45.17 million as of 8.15 am Vietnamese time. Bao Tin Minh Chau Jewellery Company quoted price at VND44 million for buying, and at VND44.25 million for selling at 10 am Vietnamese time. Gold came off from a three-week high but remained VND350,000 a tael higher than at the beginning of the week. Domestically, gold fetched around VND700,000 a tael, higher than global price. Internationally, gold fell as sharp gains from earlier in the week based … [Read more...] about Gold poised at VND45.2 million
Gold selling at
Gold stable at above VND45 million a tael
The price of gold in Vietnam retreated to VND45.2 million a tael (1.2 ounces) on December 5 as global prices stalled ahead of a key meeting between European financial ministers to find a solution for the region's debt crisis. Sacombank Jewelry Company bought gold at VND45.08 million and sold at VND45.23 million as of 9:10am Vietnamese time. Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND45.08 million and sold at VND45.23 million around 8:50am Vietnamese time. Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.07 million and sold at VND45.27 million at 9:51am Vietnamese time. Bao Tin Minh Chau Jewelry Company quoted the price at VND44.3 million for buying, and VND44.5 million for selling at 12:17pm Vietnamese time. Domestically, SJC-brand gold fetched VND650,000 a tael, higher than global price. After sharply declining last weekend, dollar exchange rate stalled in the free market this morning. … [Read more...] about Gold stable at above VND45 million a tael
SJC gold reprocessing at snail’s pace
Thanh Thuong At the moment, SJC has reprocessed only 165,000 out of 400,000 gold taels that has got approval for reprocessing. While deformed gold has been wholly reprocessed, it is more difficult to transform non-SJC gold, which is mostly owned by banks, and the progress is moving slowly due to time-consuming evaluation steps. SJC each day reprocesses only 2,000 gold taels while its capacity is up to 50,000 taels per day. Gold evaluation is very slow as there are not enough testing machines, said Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch. … [Read more...] about SJC gold reprocessing at snail’s pace
Lending in gold declines at banks
Lending in gold declines at banksBy Thu Thuy - The Saigon Times DailyHCMC – Banks have started to lower interest rates on both gold deposits and lending as the demand for borrowing the precious metal from banks has fallen in the past one month.Most lenders said the gold price had been quite stable in July so the demand for gold, mainly from gold traders, Last week, Asia Commercial Bank (ACB) cut the lending rate from 5% to 4% a year for gold traded on its trading floor, while the rate for physical gold loan is kept at 7.45% per year. In late July, the lender cut the borrowing rate for gold deposits from 4.5% to 4.3% for the three-month term, while the highest rate for other terms of gold deposits at the bank is only 3.5% per year.Mai Tong Ba, director of the Saigon Branch of ACB, said one month ago when the gold price hit VND20-21 million per tael, depositors withdrew gold to sell while demand for gold loans at that time increased continuously. “Banks were then afraid of … [Read more...] about Lending in gold declines at banks
Gold poised at VND42.6 million
Price of gold in Vietnam rose to VND42.6 million a tael (1.2 ounces) on August 20, the highest level in the past ten weeks, although global price advanced slightly. Saigon Jewelry Company, Vietnam's biggest gold processer and trader, bought the metal at VND42.54 million and sold at VND42.6 million as of 11.25am Vietnamese time. … [Read more...] about Gold poised at VND42.6 million