September 22, 2011

US Fed meeting Make Gold Falls

Sacombank Jewelry Company bought gold at VND46.66 million and sold at VND46.84 million at 11:10 am local time.
Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND46.74 million for buying and VND46.87 million for selling in Ho Chi Minh City. In Hanoi, the company bought gold at the same price but sold at VND20,000 a tael higher than that in Ho Chi Minh City.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND46.73 million and sold at VND46.93 million at the same time.
Domestically, gold fetched VND2.2 million a tael higher than global price.
Without revealing the accurate amount of gold that Saigon Jewelry Company imported this time, the company’s representative said that it would fail to meet demand as the company was allowed to import a few hundred kilograms of gold.
On foreign currency market, the dollar exchange rate escalated this morning. Dollars were bought at VND21,050 and sold at VND21,100 on free market in Hanoi.

Internationally, gold dropped as dollar strengthened after the US Federal Reserve said that it would reduce holdings of short-term bonds and increase holdings of longer-maturity, eroding demand for the metal as an alternative investment.

The Fed plans to buy $400 billion of bonds with maturities of six to 30 years through June while selling an equal amount of debt maturing in three years or less.
In addition, Greece approved more austerity measures to receive the next rescue package from the European Union and International Monetary Fund yesterday.
Gold for immediate delivery lost as much as $24.3 an ounce, or 1.4 percent, to close at $1,781.5 an ounce on the Comex in New York.
In Asia, the heavy metal continued to plunge further this morning. Spot gold shed $7.1 an ounce to trade at $1,774.4 at 10 am Vietnamese time.
The euro exchange rate against the US dollar was below $1.36 a euro in Tokyo this morning.

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