Domestic gold trading is quiet
The news that from May 1, banks will stop lending gold is one of the reasons why the domestic market is quiet.
The price of SJC gold (buy-sell) in Hanoi at 9am on April 22 was listed at 37.60-37.69 million VND/tael. In Ho Chi Minh City, Da Nang, Nha Trang, and Can Tho, the price of gold fluctuated around 37.60-37.67 million VND/tael.
Although domestic gold prices are increasing in line with world gold prices, information that starting from May 1st, banks will officially stop all transactions related to gold assets, so domestic gold transactions are still quite quiet.
People and investors are still waiting for specific policies and actions from the Government before deciding to invest in this precious metal.
In the Asian trading session on the morning of April 22, the world gold price was at 1,504-1,505 USD/oz, down 2 USD/oz. In the New York market on April 21, the gold price slightly decreased to 1,504 USD from the high of 1,509 USD/oz, as investors and people temporarily stopped trading before the Easter holiday.
Also on April 21, the world's largest gold exchange-traded fund (SPDR) sold 0.61 tons of gold, bringing the fund's gold holdings to 1,229.64 tons. This week, SPDR sold 1.52 tons of gold.
In a research report, Goldman Sachs forecast that gold futures will reach $1,690/oz within 12 months. Based on the assumption that the Federal Reserve's stimulus policy, known as quantitative easing, will keep interest rates low in the United States, which will help boost demand for the metal as an investment.
According to Jim Lennon, head of commodities research in London for Macquarie Securities, the markets for coal, smelters, iron ore and copper will become tight, as producers stock up and worry about tight output at mines in Africa, Australia, Brazil, Chile and China. Therefore, gold prices will continue to rise in the final months of 2011 and could reach the threshold of $ 1,700 / oz.
In the domestic foreign exchange market, the interbank USD exchange rate applied for April 22 was 20,718 VND/USD. The ceiling rate applied for commercial banks was 20,925 VND/USD. However, most banks listed the USD price below the ceiling by 15 - 30 VND/USD.
Specifically, at Vietcombank, USD is listed at 20,850 - 20,900 VND/USD (buy/sell). At Eximbank, USD is bought at around 20,820 - 20,830 VND/USD, sold at 20,880 VND/USD. At Sacombank, USD buying price is 20,830 - 20,840 VND/USD, selling price is 20,910 VND/USD.
According to VOV
