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Domestic gold fluctuates, central bank eyes imports
At 5:00 pm, closing gold price in the domestic market exceeded VND44.5-45.6 million a tael for bid and ask after plummeting to below VND43 million a teal 3 hours ago.
The U-turn of gold price took place at 3:00 pm after it dropped by VND2-3 million a tael to VND42-42.8 million a tael for bid and ask at 2:00 pm, the opening of afternoon trading session.
The domestic market has closely tracked the reverse movement of the world trend which recovered to $1,624 per ounce at 5:50 pm local time after losing more than $100 an ounce to less than $ 1,555 an ounce.
But it was still some VND4.6 million a tael pricier than its international counterpart.
The unofficial forex rate today gained VND100 a dollar to over VND21,300 a dollar, though the official rate set by the central bank still remained unchanged at VND20,834 a dollar.
Closing gold price today fell VND400,000-700,000 a teal for bid and ask compared to that on Sunday.
Saigon Jewelry Company, Vietnam’s biggest gold trader with around 90 percent market share, told Saigon Tiep Thi newspaper they had sold 10,000 taels of gold in the morning session.
At 9:30 am local time, the domestic gold price dropped another VND200,000 per tael from the previously updated price. The SJC gold price in Hanoi was traded at VND44.4-44.82 million a tael, while the Sacombank Jewelry Co (SBJ) gold price was traded at 44.41-44.89 million a tael.
The spot gold price on Kitco floor was listed at $1,638 per ounce.
According to the forex rate at Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB), the then world gold price was lower than the local by VND3.8 million per tael.
Gold traders have told Tuoi Tre that they had sold 20 tons of gold, equaling to a sum of $1.5 billion spending on importing the precious metal, within this month.
More imports under consideration
The large price gap between domestic and world gold price may be caused by speculators, so the people should be careful in trading the precious metal, said the State Bank of Vietnam.
Though the domestic price has fallen following the world trend, the widening price gap may signal that there is a price bubble in the domestic market, it said.
SBV is considering licensing more gold imports when necessary.
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