Huynh Trung Khanh forecast the price, which ended at VND18.20 million per tael (37.5 grams) at Saigon Jewelry Company after losing VND380,000 yesterday, would go past VND19 million in the last quarter. Gold was quoted at US$893.70/894.70 an ounce by 10:07 GMT in London, down around 2 percent from the previous day. “Accelerating inflation, which jumped to 25.2 percent in May from a year earlier, and the weaker dong saw local residents move to the traditional haven, pushing up the price,” Khanh said. “I think the price will rise above VND19 million in the last quarter of the year, when the demand for the precious metal will rise on traditional holidays.” The sharp fall, which unraveled rises above $910 earlier in the day, came as oil prices turned sharply lower, adding losses of close to $2.00 to the already steep $3.34 fall on Tuesday. “Oil prices fell and therefore all commodities fell, too,” said Yukuji Sonoda, precious metals analyst … [Read more...] about Gold to rise above VND19 mln this year, says expert – City Guide – My HaNoi
Gold will rise
Few people borrow gold on rising price By Thu Thuy - The Saigon Times Daily HCMC - Lenders said that as the gold price had risen continuously since early this month, many people did not dare to borrow loans in gold, making banks' outstanding loans in gold decline. The director of a District 1 branch of Asia Commercial Bank (ACB) expressed concern that if the gold price continued rising borrowers would make payments late. This would be hard for both banks and customers because ACB will not give loans to borrowers having a history of overdue loans, he said. The source said gold borrowers were mainly gold traders or property traders who had income in gold also, while enterprises operating in manufacturing do not dare to borrow loans in gold due to unstable gold prices. In addition, people on a fixed income cannot borrow gold from the bank because the risk is too high if gold surges. A measure for those who borrow gold and then see the price increase continuously is to ask the bank to … [Read more...] about Few people borrow gold on rising price
Gold price tipped to rise as US strategy increase inflation threat (24-06-2009) Viet Nam Gold Traders Association vice president Huynh Trung Khanh spoke to Thoi bao Ngan hang (Banking Times) newspaper about the domestic gold market. hile both the international and domestic gold markets fluctuating, many people prefer to keep gold at home. How does this affect the price of gold? Do you think we should go back to importing gold? When the gold price topped VND20 million (US$1,125) per tael (a tale is equal to 1.2 ounces), demand went down. The demand for jewellery gold is always low during the second quarter but when the price is high the demand goes even lower. The demand for gold ingot, on the other hand, depends on the need for investment, storing and speculation. People who bought gold to store, for example, would have bought it while the price was low. Now that the price is high, demand should decrease. People who bought gold for speculation would have sold most of it in the first … [Read more...] about Gold price tipped to rise as US strategy increase inflation threat
Yesterday, many private jewelry stores in Ho Chi Minh City opened for their first trading day after the Tet Holiday and listed their gold prices as higher than world rates. Today, banks, gold trading corporations and floors began to operate again. The question is: Will the domestic gold price fall or rise once private jewelry stores are no longer the only outlets trading in this precious metal? After two days fluctuating between US$923-924 an ounce, the world gold prices yesterday fell slightly to US$921. At the same time in Viet Nam, a tael of SJC gold was purchased at VND17.65 million (US$1,100) and sold at VND17.82 (US$ 1,111), a decrease of VND30,000 on the previous day. These figures suggest that the domestic gold prices are experiencing a boom. Prior to the Tet holiday a SJC tael only cost VND17.40 million (US$1,085). One gold investor said "Before the Tet holiday, jewelry shops had hoarded hundreds of taels of gold at the price of VND17.5 … [Read more...] about Will Domestic Gold Prices Rise or Fall on Today’s Trading Floor?
Tuesday's world gold price was nearly US$10 per troy ounce below that of a month ago despite a surge in crude oil prices. Unlike the world gold price, the domestic price gained by VND30,000 to close at VND18.10 million per tael (US$1,126). Why does the domestic gold price increase while the world price decreases? Crude oil prices set a new record. A barrel of crude rose to US$117.76, an increase of US$17 compared to the same period the previous month. The world gold price, instead of following the path of oil prices, still hovers at US$915.80, nearly US$10 below what it was a month ago.Despite the lower world gold price, the domestic price rose as a Saigon Jewelry Company one-tael ingot went up by VND30,000 to close at VND18.10 million. Analysts blamed the rise in the domestic gold price and the increased demand for SJC gold on the fact that many investors have decided to shift to gold due to the current slump in the stock market. Since the beginning of the year, more than 1 … [Read more...] about Domestic Gold Price Rises as World Price Slips