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
Gold selling at
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
Ho Chi Minh City taekwondo team allegedly ‘sells’ gold medals at national festival
The Ho Chi Minh City taekwondo team has been accused of ‘selling’ gold medals at the 2014 National Sports Festival by ‘withdrawing’ athletes from competing in final matches and ‘lending’ talented athletes to other provincial teams. Tuoi Tre (Youth) newspaper on Wednesday, "I am instructing relevant agencies to investigate the allegations. "I asked them to compile a detailed report about this by the end of the month. "It is unacceptable to spend the State budget that way. "By the way, I asked officials to report if ‘lending’ athletes appeared in other sports at the 7th tournament." At the 7th National Sports Festival held in November last year in the northern province of Nam Dinh, the Ho Chi Minh City team ranked second with 124 gold medals after the leader Hanoi, with 167 golds. Teams from all 63 cities and provinces, along with two teams from the army and police, joined the tournament, which featured 743 events in 36 sports. … [Read more...] about Ho Chi Minh City taekwondo team allegedly ‘sells’ gold medals at national festival