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Gold advances to VND46 mln
Domestic gold prices skyrocketed to VND46.2 million (US$2,219) a tael at 11.00 this morning as world prices and domestic spiraled.
It was up VND1.3 million ($62.45) for a tael (37.5 grams) since morning and VND1.8 million over yesterday’s closing price, with a massive gap between buying and selling prices.
Saigon Jewelry Co, Vietnam’s largest gold trader, in Hanoi bought at VND45.5 million and sold at VND46.22 million.
At Tran Nhan Tong Street packed with gold shops in Hanoi, 70-80 percent of people lining up outside gold shops this morning was buyers.
Tran Nhat Nam, gold bullion sales manager of Bao Tinh Minh Chau, said some had to be content with tickets for afternoon delivery since its gold workshops were working at full capacity.
Some customers had brought large amounts of money to buy gold in the morning, he added.
By 10.30 am Sacombank Jewelry Co (SBJ) in Ho Chi Minh City had sold some 4,500 taels and bought 400 taels.
The market was waiting for the State Bank of Vietnam (SBV) to finalize measures on gold imports, SBJ sales manager Ton The Vinh Quyen said.
The SBV announced yesterday it was considering gold import quotas for designated importers to stabilize the market.
Ten applicants have registered with the central bank for the quota, with SJC and Agribank Jewelry Co, an arm of the Vietnam Bank for Agriculture and Rural Development, being the first in the queue.
The central bank said on its website that it has approved the imports of five tons of gold, and is planning to allow five more tons to be imported to ensure adequate supply and cool prices.
Domestic rates are VND1.4-1.8 million higher than international prices, Quyen added, while a reasonable gap should be VND200,000-300,000 a tael.
Ironically, until recently Vietnamese prices were lower then global prices, prompting exports of tons of gold.
This has sent dollar prices rising in most banks to VND20,810-20,816 and VND21,000 on the black market.
In HCMC, the ask price has surged to VND21,150.
Gold trading at Bao Tin Minh Chau stores in Hanoi was 80 times the normal figure, of which 95 percent was selling to customers.
SJC stores in Vietnam sold 5,000 taels of gold and bought around 500 taels, Nguyen Cong Tuong, deputy sales manager, told Vietnam News Agency .
World gold spot quoted by Kitco.com at 11 am was $1757.60 an ounce (bid) as news came in that July inflation in China hit a 37-month high.
Chinese consumer prices accelerated further to 6.5 percent in July from 6.4 percent in the previous month, keeping alive the prospect that Beijing may maintain a restrictive monetary policy, newswire Marketwatch.com said.
Asian stocks today sank, extending a two-week rout that has erased $7.8 trillion in global equity values, and commodities fell, with oil tumbling to below $80 a barrel on concern the loss of the US’s AAA credit rating will exacerbate a slowing global recovery, Bloomberg said.
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