A representative of the State Bank of Vietnam (SBV) in Ho Chi Minh Citysaid on May 14 the central bank would inject gold into the marketthrough auctions if demand increases in the coming days, according to alocal newspaper.
The Saigon Times Daily on May 15 quoted NguyenHoang Minh, Deputy Director of the central bank’s HCM City branch, assaying that the agency was closely keeping a close watch on the localgold and foreign exchange markets to timely propose measures for thecentral bank and the HCM City government to intervene.
Minh notedthat strong increases in gold prices on May 14 were mostly attributedto consumer anxiety as in reality trading of this yellow metal was notbustling. Therefore, consumers should be careful about their purchases.
Minhsaid gold prices on the domestic market were still higher than theworld’s rates and any supply increase from the central bank would leadto immediate price falls and consumers would suffer as well.
Theprice of SJC gold bars soared 730,000 VND per tael on May 14 over theprevious day to 36.45 VND million per tael. Compared to late last month,a tael – which equals 1.2 troy ounces – was one million VND higher.
NguyenCong Tuong, Deputy Sales Manager of Saigon Jewelry Holding Co. (SJC),said the hike in gold prices resulted from increasing demand. Thecompany sold 3,000 taels of gold compared to the daily average of 1,000in previous days.
Compared to the world’s price, domestic gold is 3.2 million VND per tael higher than the world’s.
Forthe foreign exchange rate, Minh said supply and demand in the bankingsystem remained stable as the rate was 21,115-21,120 VND to the USdollar.
One US dollar was exchanged for 21,250 VND on May 14 atunofficial channels, up around 130 VND compared to earlier this weekwhile the Bank for Foreign Trade of Vietnam (Vietcombank) sold one USdollar for 21,120 VND, the same as previous days.
Global gold onwww.kitco.com on May 14 evening was quoted at 1,302 USD an ounce, up 8.5USD against the closing time of the New York stock exchange theprevious night.-VNA
The Saigon Times Daily on May 15 quoted NguyenHoang Minh, Deputy Director of the central bank’s HCM City branch, assaying that the agency was closely keeping a close watch on the localgold and foreign exchange markets to timely propose measures for thecentral bank and the HCM City government to intervene.
Minh notedthat strong increases in gold prices on May 14 were mostly attributedto consumer anxiety as in reality trading of this yellow metal was notbustling. Therefore, consumers should be careful about their purchases.
Minhsaid gold prices on the domestic market were still higher than theworld’s rates and any supply increase from the central bank would leadto immediate price falls and consumers would suffer as well.
Theprice of SJC gold bars soared 730,000 VND per tael on May 14 over theprevious day to 36.45 VND million per tael. Compared to late last month,a tael – which equals 1.2 troy ounces – was one million VND higher.
NguyenCong Tuong, Deputy Sales Manager of Saigon Jewelry Holding Co. (SJC),said the hike in gold prices resulted from increasing demand. Thecompany sold 3,000 taels of gold compared to the daily average of 1,000in previous days.
Compared to the world’s price, domestic gold is 3.2 million VND per tael higher than the world’s.
Forthe foreign exchange rate, Minh said supply and demand in the bankingsystem remained stable as the rate was 21,115-21,120 VND to the USdollar.
One US dollar was exchanged for 21,250 VND on May 14 atunofficial channels, up around 130 VND compared to earlier this weekwhile the Bank for Foreign Trade of Vietnam (Vietcombank) sold one USdollar for 21,120 VND, the same as previous days.
Global gold onwww.kitco.com on May 14 evening was quoted at 1,302 USD an ounce, up 8.5USD against the closing time of the New York stock exchange theprevious night.-VNA
