SBV to resume gold auctions if demand rises: paper
A representative of the State Bank of Vietnam (SBV) in Ho Chi Minh City
said on May 14 the central bank would inject gold into the market
through auctions if demand increases in the coming days, according to a
local newspaper.
A representative of the State Bank of Vietnam (SBV) in Ho Chi Minh City
said on May 14 the central bank would inject gold into the market
through auctions if demand increases in the coming days, according to a
local newspaper.
The Saigon Times Daily on May 15 quoted Nguyen Hoang Minh, Deputy Director of the central bank’s HCM City branch, as saying that the agency was closely keeping a close watch on the local gold and foreign exchange markets to timely propose measures for the central bank and the HCM City government to intervene.
Minh noted that strong increases in gold prices on May 14 were mostly attributed to consumer anxiety as in reality trading of this yellow metal was not bustling. Therefore, consumers should be careful about their purchases.
Minh said gold prices on the domestic market were still higher than the world’s rates and any supply increase from the central bank would lead to immediate price falls and consumers would suffer as well.
The price of SJC gold bars soared 730,000 VND per tael on May 14 over the previous 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.
Nguyen Cong Tuong, Deputy Sales Manager of Saigon Jewelry Holding Co. (SJC), said the hike in gold prices resulted from increasing demand. The company sold 3,000 taels of gold compared to the daily average of 1,000 in previous days.
Compared to the world’s price, domestic gold is 3.2 million VND per tael higher than the world’s.
For the foreign exchange rate, Minh said supply and demand in the banking system remained stable as the rate was 21,115-21,120 VND to the US dollar.
One US dollar was exchanged for 21,250 VND on May 14 at unofficial channels, up around 130 VND compared to earlier this week while the Bank for Foreign Trade of Vietnam (Vietcombank) sold one US dollar for 21,120 VND, the same as previous days.
Global gold on www.kitco.com on May 14 evening was quoted at 1,302 USD an ounce, up 8.5 USD against the closing time of the New York stock exchange the previous night.-VNA
The Saigon Times Daily on May 15 quoted Nguyen Hoang Minh, Deputy Director of the central bank’s HCM City branch, as saying that the agency was closely keeping a close watch on the local gold and foreign exchange markets to timely propose measures for the central bank and the HCM City government to intervene.
Minh noted that strong increases in gold prices on May 14 were mostly attributed to consumer anxiety as in reality trading of this yellow metal was not bustling. Therefore, consumers should be careful about their purchases.
Minh said gold prices on the domestic market were still higher than the world’s rates and any supply increase from the central bank would lead to immediate price falls and consumers would suffer as well.
The price of SJC gold bars soared 730,000 VND per tael on May 14 over the previous 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.
Nguyen Cong Tuong, Deputy Sales Manager of Saigon Jewelry Holding Co. (SJC), said the hike in gold prices resulted from increasing demand. The company sold 3,000 taels of gold compared to the daily average of 1,000 in previous days.
Compared to the world’s price, domestic gold is 3.2 million VND per tael higher than the world’s.
For the foreign exchange rate, Minh said supply and demand in the banking system remained stable as the rate was 21,115-21,120 VND to the US dollar.
One US dollar was exchanged for 21,250 VND on May 14 at unofficial channels, up around 130 VND compared to earlier this week while the Bank for Foreign Trade of Vietnam (Vietcombank) sold one US dollar for 21,120 VND, the same as previous days.
Global gold on www.kitco.com on May 14 evening was quoted at 1,302 USD an ounce, up 8.5 USD against the closing time of the New York stock exchange the previous night.-VNA
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
