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Gold market still waiting for bigger waves
The hope of gold investors about a new price hike wave disappeared almost as soon as it arose. The gold price only increased slightly yesterday and then began going down again.
Earlier this morning, SJC gold price was quoted at VND17.2mil/tael (purchase) a decrease of VND20,000/tael over yesterday afternoon, while the sale price was VND17.29mil/tael, or lower by VND10,000/tael over yesterday afternoon.
The ACB gold trading floor has been witnessing prices decrease since opening at VND17.59mil/tael earlier this morning. At 9.30 am, transactions were reportedly successful at VND17.57mil/tael. The market is still listening for news from state management agencies which are thought to be compiling the draft regulations on the management of gold trading floors.
At 9.30 am, Hanoi time, the gold price (spot delivery) on Kitco.com electronic board was at $843.1/oz, a decrease of $4/oz over the previous trading session. In the US, the highest price was reportedly at $852.3/oz, but the price then dropped to $835.7/oz.
In the foreign currency market, the interbank exchange rate announced by the State Bank of Vietnam for December 23 is VND16,495/US$1. The popular sale prices offered by banks is VND16,990/US$1. Most banks are selling dollars at the highest allowed price levels. Experts said that the foreign currency supply is now tense, which has forced banks to sell dollars at the ceiling level, while setting no big gap between sale and purchase prices.
Statistics show that though overseas remittance is still arriving, there have are signs showing decreases in comparison with previous months. The foreign currencies earned from exports have been considerably decreasing, while the income from current sources (tourism) and foreign portfolio investments have also been decreasing. Meanwhile, the demand for foreign currencies remains very high as businesses have been trying to import products in large quantities thanks to low import prices. A lot of businesses say that they have to purchase dollars on the black market.
However, the dollar prices applied at the foreign currency exchange points have not seen big changes, at VND17,230/US$1 (purchase) and VND17,270/US$1 (sale).
VNEconomy
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