Vietnam Business News

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• All that is wrong with our gold policy
• Gold futures up 0.33%, silver down 0.3% on weak global cues
• U.S. gold gained 0.3 percent to $1,624.40 on Friday
• Spot gold edged up 0.1 percent to $1,623.20 an ounce on Friday
• US gold production slightly declines in October 2011
• Gold futures rose by Rs 93 to Rs 27,914 per 10 grams
• Vietnam’s gold import may hit US$2.5 billion in 2012
• Silver futures weakened by Rs 162 to trade at Rs 53,701 per kg today
• Gold demand seen supported ahead of Lunar New Year
• Vietnam government announces 7 socioeconomic development measure packages in 2012

All that is wrong with our gold policy Posted: 06 Jan 2012 12:30 AM PST Given the stubborn current account deficit in our balance payments position, the need of the hour is to be frugal with imports. Oil imports, which lead the import list, are unavoidable, but the import of the second largest item in the basket — gold — is indeed amenable to a steep reduction, if not elimination. [...]

Gold futures up 0.33%, silver down 0.3% on weak global cues Posted: 06 Jan 2012 12:30 AM PST Silver futures weakened by Rs 162, or 0.30 per cent, to trade at Rs 53,701 per kg today as speculators offloaded positions taking cuesfrom weak Asian market. At the Multi Commodity Exchange, silver for delivery in May declined by Rs 162, or 0.30 per cent, to Rs 53,701 per kg, with businessturnover of 91 lots. Similarly, the metal [...]

U.S. gold gained 0.3 percent to $1,624.40 on Friday Posted: 06 Jan 2012 12:27 AM PST Gold hovered around $1,620 an ounce on Friday as investors remained nervous over the euro zone debt crisis and sought safety in bullion, while a firm dollar weighed on sentiment. The dollar hovered near a one-year high against a basket of currencies as worries about the euro zone’s fiscal stability persisted. Bullion has parted way with riskier [...]

Spot gold edged up 0.1 percent to $1,623.20 an ounce on Friday Posted: 05 Jan 2012 11:35 PM PST Gold hovered around $1,620 an ounce on Friday as investors remained nervous over the euro zone debt crisis and sought safety in bullion, while a firm dollar weighed on sentiment. The dollar hovered near a one-year high against a basket of currencies as worries about the euro zone’s fiscal stability persisted. Bullion has parted way with riskier [...]

US gold production slightly declines in October 2011 Posted: 05 Jan 2012 11:30 PM PST U.S. mines produced 20,500 kilograms (kg) of Gold in October, a slight decrease compared with revised September production. The average daily gold production for U.S. mines was 661 kg in October, compared with 690 kilograms per day (kg/d) for September, and 634 kg/d for the full year of 2010, said the Institute U.S. Geological Survey (USGS). According [...]

Gold futures rose by Rs 93 to Rs 27,914 per 10 grams Posted: 05 Jan 2012 11:21 PM PST Gold futures rose by Rs 93, or 0.33%, to Rs 27,914 per 10 grams today, as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market. Gold may advance for a sixth day, heading for the biggest weekly climb since October, as Europe’s sovereign-debt crisis [...]

Vietnam’s gold import may hit US$2.5 billion in 2012 Posted: 05 Jan 2012 11:10 PM PST After a year of upheaval in the gold market, the Ministry of Industry and Trade forecast that in 2012, Vietnam's gold import will increase almost 10% over 2011, equivalent to about US$2.5 billion. This forecast was released at the Conference on deploying tasks of the industry and trade sector for 2012 on January 3, 2012. [...]

Silver futures weakened by Rs 162 to trade at Rs 53,701 per kg today Posted: 05 Jan 2012 11:10 PM PST Silver futures weakened by Rs 162, or 0.30 per cent, to trade at Rs 53,701 per kg today as speculators offloaded positions taking cuesfrom weak Asian market. At the Multi Commodity Exchange, silver for delivery in May declined by Rs 162, or 0.30 per cent, to Rs 53,701 per kg, with businessturnover of 91 lots. Similarly, the [...]

Gold demand seen supported ahead of Lunar New Year Posted: 05 Jan 2012 11:07 PM PST Gold demand usually picks up ahead of the Lunar New Year, which falls on January 23 this year, in China and elsewhere in Asia, traders said. “We are seeing Chinese banks on the bid ahead of the Chinese New Year,” a Singapore-based trader said. Physical dealers in Hong Kong reported purchases from funds, albeit in small volumes, [...]

Vietnam government announces 7 socioeconomic development measure packages in 2012 Posted: 05 Jan 2012 11:06 PM PST Vietnam Government recently issued Resolution No.01, in which it specifies seven packages of measures to accomplish the country's socio-economic development plan in 2012. In 2012, the Government targeted to curb inflation below 10%, narrow state budget deficit to 4.8%, trade deficit at 11.5-12% export revenue, development investment at 33.5-34%GDP and the economic growth (GDP) at [...]

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