Deadline for gold sales looms

tohang

Today the State Bank of Viet Nam held its last auction of gold bars before June 30, the deadline for local banks to return gold deposits to investors.

Both gold and US dollar prices go up. Photo landexpress.vn

HA NOI (Biz Hub) — Today the State Bank of Vietnam held its last auction of gold bars before June 30, the deadline for local banks to return gold deposits to investors.

Five credit institutions bought a total of 40,000 taels with the highest at VND35.5 million per tael and the lowest at VND35.05 million.

This was the 37th auction held by the SBV since March. The bank has offered 1,058,000 taels in the auctions, 957,000 of which have been sold.

The price of domestic gold fluctuated today. At 9am, SJC gold cost VND34 million per tael for consumers selling and VND35 million for consumers buying, a reduction of VND2 million and VND1.65 million respectively compared with yesterday.

These were the lowest prices since November 2010.

After the auction finished, the gold price rose to VND36.3 million and VND37 million per tael for buying and selling respectively.

Analysts from TienPhong Bank said that purchases after June 30 would not tail off, helping the domestic gold price to drop and narrow the gap with the global price.

They said a reasonable gap between Viet Nam and global prices would be VND2-3 million per tael. However, the gap now stands at nearly VND5 million per tael.
Gold shops in Ha Noi is crowded today. — Photocafef.vn

US dollar rates

The SBV saw its currency weaken on the interbank markets by one percent to 21,036 dong per dollar, an increase of VND208/dollar from yesterday. This was the first change since the beginning of 2012.

Dollar/dong transactions can move in a band of plus or minus one percent around the midpoint set daily by the central bank, which translates to a range of 20,826 to 21,246 dong per dollar.

The commercial banks raised both dollar prices today, increasing them to around VND21,200 per dollar. Vietcombank bought US dollars for VND21,180 and sold them at VND21,220.

The price of the US dollar on Ha Noi's ‘black market' increased to VND21,340-VND21,350 per US dollar for consummers selling and VND21,450-21,460 for consummers buying, an increase of VND50 and VND130 respectively compared with yesterday. — VNS

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