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Gold prices trading at the lowest level since the Lunar New Year

Vietnam gold prices were trading at the lowest level since the Lunar New Year (for 3 months) at VND43.19million/tael on Monday morning, following the world gold prices. SJC Hanoi quoted at VND42.97 million/tael for bid and VND43.19 million/tael for ask, respectively as of 9:57 am, Hanoi time. Sacombank-SBJ gold was listed at VND43.08VND43.16...

Posted date: Mon, 16 Apr 2012 - From: Gold News

Gold hits 15-week low

The local price of the precious metal hit a 15-week low as the world price plummeted to around $1,650 an ounce on Monday. As of 9:00am, the bid and ask price of the national gold brand, SCJ of Saigon Jewelry Co, was quoted at VND43.03 million a taell and VND43.23 million a tael respectively, down VND90,000-100,000 a tael compared to last...

Posted date: Mon, 16 Apr 2012 - From: Gold News

Gold in domestic market slides marginally

Despite a sharp rise globally, price of gold in Vietnam dropped over the previous day on April 13, narrowing the gap between global and local gold prices. Sacombank Jewellery Company bought gold at VND43.26 million and sold at VND43.34 million as of 10am Vietnamese time. Saigon Jewellery Company, Vietnam’s biggest gold processer and...

Posted date: Sun, 15 Apr 2012 - From: Gold News

Non-SJC bullion prices fall on sbv new gold trading regulation

Non-SJC branded bullion is currently sold at around VND1 million/tael discount to the SJC-branded gold after the central bank issued new regulation on gold bar trading, the local online newspaper Saigon Tiep Thi reported. Most gold shops buy non-SJC bullion at equivalent to the price of 24k jewelry gold as it is hard to sell non-SJC gold later,...

Posted date: Tue, 10 Apr 2012 - From: Gold News

Gold management decree weeds out private shops, brings chances to banks

Under the new decree on gold management released on April 3, 2012, the State has the exclusive right to produce bullion gold, export gold materials and import gold materials for making bullion gold. New decree worries private traders “Now I still can earn some money every day from selling bullion gold. People nowadays only buy gold to...

Posted date: Tue, 10 Apr 2012 - From: Gold News

Gold prices increased by VND200,000 a tael on Tuesday morning

Vietnam gold prices increased by VND200,000 a tael from yesterday close to VND43.52 million/tael on Tuesday morning, following the world gold prices. SJC Hanoi quoted at VND43.30 million/tael for bid and VND43.52 million/tael for ask, respectively as of 9:34 am, Hanoi time. Sacombank-SBJ gold was listed at VND43.42-VND43.52 million/tael for...

Posted date: Tue, 10 Apr 2012 - From: Gold News

A national gold trading floor should be established: experts

Experts suggested that a national gold trading floor should be set up; a move aims to stabilize the local gold market and create price parity between domestic and global market, the local online newspaper Phap Luat TPHCM reported. They believed that the establishment of a gold trading floor will bring positive results and fit with current...

Posted date: Tue, 10 Apr 2012 - From: Gold News

Non-SJC gold owners face loss after new bullion policy

After a decree was issued by the Prime Minister’s office on April 3 that gold bars would be traded by only state monopolies, concerns among the public and gold companies have grown, since there is still no clear roadmap or regulation for conversion of non-SJC gold bullions. Owners of other brands of gold bars are worried and many people...

Posted date: Mon, 09 Apr 2012 - From: Gold News

Gold prices increased by VND300,000 a tael to VND43.62 million/tael on Monday

Vietnam gold prices increased by VND300,000 a tael from yesterday close to VND43.62 million/tael on Monday morning, following the world gold prices. SJC Hanoi quoted at VND43.40 million/tael for bid and VND43.62 million/tael for ask, respectively as of 9:33 am, Hanoi time. Sacombank-SBJ gold was listed at VND43.45-VND43.60 million/tael for...

Posted date: Mon, 09 Apr 2012 - From: Gold News

Gold bars to be traded by state monopolies only

The production and trading of gold bars/bullion in Vietnam will only be licensed for state-appointed organizations, according to a recent decree. Only state monopolies are approved to produce gold bars, export gold and import raw material to produce gold bars, according to Government Decree No.24 on the management of gold trading activities,...

Posted date: Sun, 08 Apr 2012 - From: Gold News

Vietnam central bank calls for monthly gold trading reports from local gold traders

The State Bank of Vietnam (SBV) has recently issued a draft circular, requesting local gold traders to send monthly reports on their gold trading activities to the SBV’s ForexManagement Department within 5 days after the end of the period. Besides, domestic businesses and credit institutions can only produce jewelry gold; trade bullion; or...

Posted date: Sun, 08 Apr 2012 - From: Gold News

New regulations on gold trading introduced

The Prime Minister has issued a decree on the management of gold trading, stipulating that the government will hold a monopoly over the production of gold bars as well as the import and export of unprocessed gold. While the State Bank of Vietnam , on behalf of the Government, will still manage gold trading. Under the decree, if an individual...

Posted date: Sun, 08 Apr 2012 - From: Gold News

Worries linger on new gold management law

Both the public and gold companies have raised concerns over the newly released gold management law since there is no clear roadmap or regulations for the conversion of non-SJC gold bullions into the state brand. Government Decree No.24, along with a draft circular for the implementation of the decree to gather ideas from the public, has failed...

Posted date: Sat, 07 Apr 2012 - From: Gold News

Four more gold traders asked to report their bullion trading networks

The State Bank of Vietnam (SBV) on April 5 issued Dispatch No. 1937/NHNN-QLNH, requesting four more bullion traders to report their trading networks no later than April 10, 2012. These gold traders include Vietnam Agribank Gold JS Corporation (AJC), Ho Chi Minh City Agribank Gold, Silver and Gemstone Company (VJC), DOJI Gold & Gems Group and...

Posted date: Sat, 07 Apr 2012 - From: Gold News

Gold recovers after sharp drop on Apr 05

After global gold price sank to the lowest level in the past three months, price of gold in Vietnam dropped VND300,000 a tael (1.2 ounces) but immediately recovered VND100,000 a tael later on April 5. Sacombank Jewellery Company bought gold at VND43.3 million and sold at VND43.38 million as of 9.15am Vietnamese time. Saigon Jewellery...

Posted date: Fri, 06 Apr 2012 - From: Gold News