Gold prices set new records

Domestic gold prices soared massively on the morning of May 21 to around VND20.4 million per tael, the highest level so far, following a surge in world gold prices and a drop in the US dollar.

By 11am today, gold prices in the Vietnamese market saw an increase of VND260,000 per tael against yesterday.

SJC gold is being bought by the Saigon Gold, Silver, and Gemstone Company at VND20.3 million per tael and sold for VND20.4 million. Gold of the same kind from the company PNJ is being purchased at VND20.27 million and sold for VND20.35 million per tael. The highest buying and selling prices were recorded at banks such as Eximbank and ACB (buying at VND20.32 million and selling at VND20.42 million per tael.)

On the SBJ gold trading floor, gold prices hit a record level of VND20.2 million per tael. The floor also saw an enormous amount of gold traded – nearly 226,000 taels.

World gold prices have climbed considerably due to optimistic information about the demand for US dollars, whose value has decreased as a result of the US Federal Reserve’s gloomy forecast about its country’s economic growth.

The US$/VND rate announced by the State Bank of Vietnam this morning stood at 16,935, a decline of VND2 from yesterday. In Vietcombank and Eximbank, the US dollar was bought and sold at the same price of VND17,782 per US dollar.

vov

>   Vietnam central bank has no plans to devalue dong (21/05/2009)

>   ADB signs financing agreements with eight Vietnamese banks (21/05/2009)

>   Exporters ease grip on dollars (20/05/2009)

>   Practical values of interest rate support program (20/05/2009)

>   Central African President visits MB (20/05/2009)

>   Economist: Necessary to learn why businesses are hoarding dollars (20/05/2009)

>   Citi Vietnam offers training on derivatives (19/05/2009)

>   Banks wary of bad debt (19/05/2009)

>   50,000 pairs of IDs have same numbers (18/05/2009)

>   DIC: Appointing Finance Director (18/05/2009)