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Gold retreats marginally

Price of gold in Vietnam fell by VND100,000 a tael (1.2 ounces) over the previous day on August 1 as global price continuously made correction. Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.85 million and sold at VND42 million as of 8.05am Vietnamese time. Hanoi-based Phu Quy Jewelry...

Posted date: Wed, 01 Aug 2012 - From: Gold News

Vietnam restricts gold drain

Vietnamese and foreign passport holders are not allowed to carry big volumes of gold bars and gold material upon exit and entry, according to a draft circular of the central bank. When carrying gold jewelry and fine arts made of gold weighing 300 grams or above, one must declare to the customs and pay taxes in accordance with the current...

Posted date: Mon, 30 Jul 2012 - From: Gold News

Travellers to be banned from carrying gold bars

Individuals may be banned from taking gold bullion with them when they leave the country, the State Bank of Vietnam said Wednesday in a draft circular on which it is collecting feedback from relevant agencies. The regulation also targets raw gold materials and includes an exception for those who wish to settle down in other countries, the...

Posted date: Sat, 28 Jul 2012 - From: Gold News

Banks lure gold deposits despite ban

Many banks have begun to mobilize gold again at high interest rates, although the central bank has requested local credit institutions to halt all gold mobilization and lending activities from May, local media reports. The central bank previously allowed banks to keep mobilizing gold until November 25 this year to pay back gold deposited...

Posted date: Fri, 27 Jul 2012 - From: Gold News

Gold soars to three-week high

Price of gold in Vietnam hit its highest level in the past three weeks on July 26 as global price jumped 1.5 percent at the trading session in New York last night on expectations that the European Central Bank would increase capacity of the region’s rescue fund. Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the...

Posted date: Fri, 27 Jul 2012 - From: Gold News

Credit institutions resume gold mobilization

Many credit institutions since July 24 have resumed mobilising gold at interest rate of around 1pct from nearly 0pct earlier. DongA Bank was the first to cancel gold mobilisation in early July and charged a fee of 0.05pct of gold value for gold custody services. However, this lender has recently resumed gold mobilisation again at the interest...

Posted date: Thu, 26 Jul 2012 - From: Gold News

Gold struggles to rise

Price of gold in Vietnam struggled to surpass VND41.7 million a tael (1.2 ounces) on July 25 thanks to a modest rise in global price while dollar exchange rate climbed in both bank and black market. Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.6 million and sold at VND41.76 million as of...

Posted date: Thu, 26 Jul 2012 - From: Gold News

Gold edges up, dollar escalates

Price of gold in Vietnam edged up marginally over the previous day on July 24 while dollar exchange rate maintained a strong rising momentum; whereas pressure continued to stalk global price after Moody’s Investors Service changed its outlook for Germany, the Netherlands, and Luxembourg from stable to negative. Saigon Jewelry Company,...

Posted date: Tue, 24 Jul 2012 - From: Gold News

The game on the gold market has just begun

It’s unfair to blame the non-SJC gold unsalability on the State Bank. However, it would not be unreasonable to affirm that the State Bank has to take responsibility for the chaos on the market. The “price of the waiting” To date, it’s still unclear how Vietnam should behave towards gold. On July 3, hundreds of people were seen...

Posted date: Sat, 21 Jul 2012 - From: Gold News

Gold drops slightly

Price of gold in Vietnam retreated by VND100,000 a tael (1.2 ounces) over the previous day on July 18 as global price declined due to the US Federal Reserve chairman’s hesitation on further monetary stimulus. Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.62 million and sold at VND41.77...

Posted date: Wed, 18 Jul 2012 - From: Gold News

Gold, dollar wanes

Price of gold in Vietnam slid slightly over last weekend on July 16 as global price opened week on losing trend. Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.69 million and sold at VND41.84 million as of 11am Vietnamese time. Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at...

Posted date: Tue, 17 Jul 2012 - From: Gold News

Gold prices up VND100, 000 per tael

Domestic gold prices increased by VND100, 000 to VND41.90 million per tael on July 17. At 10.00 am, SJC gold was listed at VND41, 73-41, 88 million per tael but sold at VND41.90 and purchased at VND41.82 million per tael by DoJi Jewelry Company. Thang Long dragon gold was transacted at VND40.35 – 40.65 million/ tael by Bao Tin Minh Chau...

Posted date: Tue, 17 Jul 2012 - From: Gold News

Gold remains almost unchanged

Price of gold in Vietnam hovered below VND41.7 million a tael (1.2 ounces) on July 13 as global price maintained losing momentum while dollar exchange rate rose to above VND20,900 per dollar after standing below this level for a few days. Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND41.54 million...

Posted date: Sat, 14 Jul 2012 - From: Gold News

Gold shops turn into pawnshops to flout bullion ban

With their gold bullion trading activities set to be completely banned in the next six months, many gold shops have switched to functioning as pawnshops to slip through the law loophole to continue trading in the precious metal. Gold shops are still allowed to trade gold bars for the next six months, after which only a few qualified facilities...

Posted date: Sat, 14 Jul 2012 - From: Gold News

Gold companies disguise themselves to be able to exist

A lot of gold companies have received the proposal from big banks and goldsmith companies to cooperate with them as their agents. This proves to be the only way for the companies to follow after the new decree on gold market management takes effect. More and more goldsmith companies to shut down Deputy Governor of the State Bank of...

Posted date: Fri, 13 Jul 2012 - From: Gold News