Vietnam Business News

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• Gold price to open at 15,580 HK dollars per tael on Tuesday
• US gold rose 0.6 per cent to US$1688
• India’s central bank advise the Indian government to buy more gold
• Silver most traded commodity on futures market this fiscal
• Spot gold gained half a percent to US$1686.79 an ounce on Tuesday
• Value of Indian gold quadruples in 15 years
• Banks are vying to increase interest rates on gold deposits
• Vietnam to ensure normal circulation of formerly-licensed gold bullions: draft decree
• India gold rose by Rs 35 to Rs 29,240 per 10 grams on Monday
• Investment interest in gold remained strong last week

Gold price to open at 15,580 HK dollars per tael on Tuesday Posted: 22 Nov 2011 01:15 AM PST The gold price in Hong Kong went down 360 HK dollars to open at 15,580 HK dollars per tael on Tuesday, according to the Chinese Gold and Silver Exchange Society. The price is equivalent to 1,679.05 U.S. dollars a troy ounce, down 38.8 U.S. dollars at the latest exchange rate of one U.S. dollar against [...]

US gold rose 0.6 per cent to US$1688 Posted: 22 Nov 2011 01:00 AM PST Spot gold recovered half a per cent on Tuesday after a decline of more than 2 per cent attracted some buyers, while worries about debt crises in both the United States and the euro zone are expected to keep sentiment fragile. US lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on [...]

India’s central bank advise the Indian government to buy more gold Posted: 22 Nov 2011 12:37 AM PST India’s gold holdings have surged to an all time high. The value of gold in the Indian government’s kitty has grown by over $19,353 million (Rs 1,00,000 crore) in a short span of two years. The sharp rally in the price of gold has helped bolster the overall value, as has the 200 tonne purchase [...]

Silver most traded commodity on futures market this fiscal Posted: 22 Nov 2011 12:23 AM PST Silver continues to be the most traded commodity on the futures market for the second year running as commodity futures market turnover in the financial year through October (FY12) crossed the Rs 100 lakh crore mark, notching a 72% increase from the same period a year ago. Speculators and hedgers traded silver worth Rs 38.23 lakh crore, 36% [...]

Spot gold gained half a percent to US$1686.79 an ounce on Tuesday Posted: 22 Nov 2011 12:00 AM PST Spot gold recovered half a per cent on Tuesday after a decline of more than 2 per cent attracted some buyers, while worries about debt crises in both the United States and the euro zone are expected to keep sentiment fragile. US lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on [...]

Value of Indian gold quadruples in 15 years Posted: 21 Nov 2011 11:35 PM PST Whether it’s the average Indian woman’s craving for gold or the Indian government’s investmentin the yellow metal, both have paid off with a vengeance in the days of soaring gold prices. Today, if those glittering pieces of jewellery in family lockers have become economic anchors for middle-class families, the nation’s gold portfolio over the last 15 [...]

Banks are vying to increase interest rates on gold deposits Posted: 21 Nov 2011 11:06 PM PST Banks in Ho Chi Minh City are vying to increase interest rates on gold and deposits in unpopular foreign currencies, considering it as a solution to improve liquidity. Sharp increases in the interest rate on gold deposits at local banks in recent days have ranged between 3 percent and 3.5 percent per annum, much higher [...]

Vietnam to ensure normal circulation of formerly-licensed gold bullions: draft decree Posted: 21 Nov 2011 11:00 PM PST The State Bank of Vietnam posted the draft decree on gold trading management on its website on Nov 21, emphasizing that previously-licensed bullions are permitted to continue their circulation after the new regulation takes effect. Of note, the draft decree stipulated that: (1) The transition period for jewelry gold production, processing and trading is 12 [...]

India gold rose by Rs 35 to Rs 29,240 per 10 grams on Monday Posted: 21 Nov 2011 10:31 PM PST Gold rose by Rs 35 to Rs 29,240 per 10 grams on buying by retailers for the ongoing marriage season, however, silver lost Rs 550 to Rs 55,850 per kg as industrial units refrained from purchasing at costly levels and preferred waiting for more correction. Traders said sentiment in gold remained firm on rising demand from retailers even [...]

Investment interest in gold remained strong last week Posted: 21 Nov 2011 10:27 PM PST Investment interest in gold remained strong last week, despite the 3 percent price fall, as money managers upped their positions in gold futures and options. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported a rise of 3.631 tonnes from a day earlier to 1,293.088 tonnes in its holdings, the highest in more than three months. [...]

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