Gold prices in Vietnam retreated on Tuesday to the lowest since June 8, tracking slipping prices on global markets and increased supply from the country’s central bank via regular tenders.
Spot gold edged 0.12 percent down to 40.75 million dong ($1,939) per each SJC-branded tael at 0359 GMT, data from Ho Chi Minh City-based Saigon Jewelry Co showed ((www.sjc.com.vn)). A tael weights 37.5 grams, or 1.21 troy ounces.
Tuesday’s price in Vietnam, Asia’s fourth-largest gold-consuming country, is on par with that on June 8, which was the lowest since May 23 when a tael of SJC gold was sold at 40.7 million dong.
The gold market is closely watched in Vietnam and tightly controlled by a central bank battling to revive a slowing economy and seeking to narrow the price gap between local and global markets to stabilise dollar/dong exchange rates.
Prices have lost 1.2 percent from 41.23 million dong per tael, the 16-day high reached on May 31. (Full Story). SJC is the only gold brand allowed by the State Bank of Vietnam (SBV) for domestic transactions.
SBV is the only entity permitted to import gold and started holding auctions on March 28, with banks and gold companies the only buyers. Banks use gold to repay depositors after the SBV asked them to stop holding the metal as deposits as of July 1.
Of the total 26,000 taels on offer at Tuesday’s tender, 25,900 were bought, up from 25,700 on Friday. SBVGOLD2013
Gold slipped in Asian trading on Tuesday after Standard & Poor’s revised up the U.S. credit outlook to stable from negative, hurting bullion’s safe-haven appeal.
Đăng ký: VietNam News
