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Gold price ascending, quickly and firmly   2009-01-21 - VNE

SJC gold, quoted by enterprises in Hanoi, has hit the VND 17.8 million/tael threshold, far exceeding yesterday’s morning level by VND 200,000/tael. The price even made a splendid rise on the gold trading floor by exceeding the VND 18 million/tael threshold.


Earlier this morning, Saigon Jewellery Company offered to purchase SJC gold at VND 17.71 million/tael. At 8.45 am, the price was lowered to VND 17.68 million/tael, or VND 200,000/tael more expensive than yesterday morning.




Observers said that the number of gold buyers began increasing yesterday. People tried to purchase gold to wear on Tet days when the prices were acceptably low, while some people sold gold to get cash to spend for Tet.


At 8.45 am, investors on the ACB gold trading floor made successful transactions at VND 18.15 million/tael. The highest price level on the floor reported so far is VND 18.18 million, an increase of VND 60,000 over the level at opening.


Vietnam’s precious metal market has been closely following the happenings on the world market.


Contrary to all predictions, the stock markets in the world were gloomy on the day Obama was sworn in as the US President. The pessimistic factors of the world’s economy are threatening to the weak currencies in the world, and the difficulties have made gold more attractive to purchase.


The dollar became stronger on the day Obama was sworn in, with one euro converted to USD $1.28. However, despite the stronger dollar, the gold price has still been rising.


In principle, when the greenback becomes weaker, investors will spend money on gold


At 8.45 am of January 21, Hanoi time, the gold price in Asia with spot deliveries was at USD $849.4/oz.


In related news, the dollar price has been stabilized after one week of rising rapidly. The information that commercial banks have resumed the payment of overseas remittance in foreign currency cash and do not collect additional fees relating to the tax on foreign currency imports proves to be the main factor that has made the dollar price cool down.


However, on the black market, the dollar price was traded at VND 17,620-17,670/USD $1.00, or VND 50/US $1.00 more expensive than yesterday.


The black market has been heated up by the recovery of the price on the international monetary market.


The interbank exchange rate, announced by the State Bank of Vietnam, for January 21 is VND 16,972/US $1.00, or VND 1/US $1.00 lower than yesterday’s level. Meanwhile, the sale price quoted by commercial banks is at VND 17,482/US $1.00.

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