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Commercial banks buy gold above market price

A number of commercial banks have begun buying gold at above market prices to encourage gold depositors to convert gold holdings to Vietnamese dong savings. “The move is being seen as a temporary measure to tackle difficulties in raising capital and helping banks maintain short-term liquidity,” said a senior official of a HCM City-based commercial bank, who asked to remain anonymous. Commercial... 

Gold suddenly reverses

The price of gold in Vietnam unexpectedly jumped by VND100,000 a tael (1.2 ounces) to nearly VND37.5 million a tael on May 17 although global price continued to drop on a stronger dollar. Earlier, the metal was traded at below VND37.4 million a tael, VND20,000-40,000 lower than the same period the previous day. Sacombank Jewelry Company bought the metal at VND37.39 million and sold at VND37.45 million... 

Gold alloy on market not pure

Jewellery companies report that some gold alloy currently sold on market has low gold purity although gold-purity testing machines show a purity rate of 99.99 percent. According to a representative from Sai Son Jewelry JSC, the impurities of this particular gold alloy will not show up on these machines.Nguyen Van Dung, chairman of the HCM City Association of Fine Arts, Gold, Jewellery and Gemstones,... 

May 12: Vietnam gold falls vnd200,000, interbank dollar at 2 week low

Local gold on May 12 fell by VND200,000 to VND37.48 million a tael as global spot gold fell to $1,501 an ounce in COMEX last night, the inter-bank dollar reference rate fell further by VND5 to VND20,693, lowest level since April 29. As of 9:00 Hanoi time, Sacombank-SBJ gold as listed at VND37.360 million/tael and VND37.49 million/tael for bid and ask, respectively. Bid and ask of Thang Long gold... 

Gold price drops 270,000 dong to 37.5m dong/tael

With the ceiling forex rate today at 20,910 dong/US dollar, the domestic gold price is higher by 80,000 dong per tael than the world price. Closing the trading session on May 5, the gold price for June delivery in New York slipped nearly $34 to $1,481.4 per ounce. The gold price dropped strongly due to the US dollar price gained 2 percent against euro after the European Central Bank (ECB) retained... 
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