The DOJI's (Gold and Gems Group) SJC gold gained VND150,000 per tael to end at VND35.53-35.63 million ($1,691-1,696). — Photo fica HA NOI (VNS) — Domestic gold prices saw their strongest increase in the last two months, going up VND170,000 per tael to around VND35.63 million. One tael is equivalent to 1.2 ounces. The increase has come on the back of an improvement in global prices. The Reuters news agency has reported that the global price of gold has increased by $16 per ounce, with bullion rallying on fears of more violence after news that several men were shot dead in clashes between pro-Russian protesters and extreme rightist Ukraine supporters and that dozens were killed in an act of arson on the trade union building in the largely Russian-speaking port city of Odessa. Traders said gold's ability to hold above key technical support at $1,275 an ounce set the stage for reversing initial heavy losses that followed data showing US job growth had increased in April at … [Read more...] about Domestic gold prices rise to two-month high
People buy gold products at a store of Agribank. The price of local gold yesterday rebounded by 0.8 per cent to VND35.25 million per tael, driven by an improvement in global gold prices. — VNA/VNS Photo Tran Viet HA NOI (Biz Hub)— The price of local gold yesterday rebounded by 0.8 per cent to VND35.25 million (US$1,676) per tael, driven by an improvement in global gold prices. The global price of gold improved as weak equity markets burnished the yellow metal's safe-haven appeal. Back home, SJC gold gained VND300,000 per tael (US$14.3) to end at VND35.1-35.25 million ($1,671-1,676), its highest closing price in six days. One tael is equivalent to 1.2 ounces. Since the beginning of this year, the local price has hovered around VND35 million ($1,666) per tael in quiet trading sessions. In addition, retailers kept narrowing the gap between buying/selling quotes to encourage gold purchases. On , a commodities-tracking website, the price of gold was around $1,257.90 per … [Read more...] about Global gold price spurs local revival
The Year of the Snake was one of the worst years of the Vietnamese gold market, which plunged 25 per cent in value against 2012, and ended the 12-year bull run of the yellow metal. This tarnished the sheen of the traditional asset of Vietnamese people, but the attractiveness of gold remains controversial.— Photo vietq HA NOI (Biz Hub)— The Vietnamese gold market spent the last days of the Year of the Snake, 2013, with less fuss than usual, and entered the Year of the Horse, 2014, silently too. Will this year be energetic, cheerful and nice, just like a horse's nature, towards local gold and gold holders? Would gold stay in demand? The Year of the Snake was one of the worst years of the Vietnamese gold market, which plunged 25 per cent in value against 2012, and ended the 12-year bull run of the yellow metal. This tarnished the sheen of the traditional asset of Vietnamese people, but the attractiveness of gold remains controversial. Nguyen Tri Hieu, a gold expert told … [Read more...] about Will gold rebound in Year of the Horse?
A woman buys gold bars at Agribank's gold company. The re-establishment of gold exchange floors with much firmer legal and technical frameworks is currently being considered. — VNA/VNS Photo Tran Viet by Ha Phuong HA NOI (Biz Hub) — The Government has instructed the State Bank of Viet Nam to issue "proper" policies in order to mobilise gold hoarded by the public and use it for socio-economic development. Experts have suggested several ways to do this, including the issuance of gold deposit certificates that can be used in derivatives market transactions, which would mean the reestablishment of gold exchange floors, this time with much firmer legal and technical frameworks that would prevent market destabilising movements. They caution, however, that a fresh attempt to mobilise gold would only be effective if public concerns are seriously addressed. In the past, the focus has been on "larger national interests" that failed to consider the factors behind the Vietnamese … [Read more...] about Public confidence worth its weight in gold
On August 17, Phuoc Son Gold Company Ltd. (Phuoc Son Gold), managed by Canadian Besra Inc.’s Vietnamese subsidiary, has restarted the operation of its Dak Sa gold mine, thanks to Viet A Bank taking hold of 35 per cent of the company’s shares as debt payment. Accordingly, Viet A Bank will be Phuoc Son Gold’s tax debt guarantor to pay VND334 billion ($14.9 million) in tax arrears and VND100 billion ($4.48 million) in late payment fines. The debt will be paid within 12 months, starting in August 2016, with an average payment of VND27 billion ($1.2 million) per month. According to Phuoc Son Gold’s acting general director Paul Seton, restarting Phuoc Son Gold’s operation will maintain 1,000 jobs, create revenue to cover the tax debt, as well as contribute to preventing illegal gold exploitation. Dak Sa is currently Vietnam’s largest gold mine, with a deposit of 30 tonnes. Once it resumes operation, it will have an exploitation and processing capacity … [Read more...] about Phuoc Son Gold resumes operation