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Vietnam gold hovers vnd37.5mln, Dong strengthens to 1 month high – Apr 27

Local gold on April 27 hovered around VND37.5 million a tael while the dong rose VND5 again to 1 month high.

As of 9:20 Hanoi time, Sacombank-SBJ gold as listed at VND37.43million/tael and VND37.49million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tn Minh Chau were listed at VND37.4 million/tael and VND37.52 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND37.44million/tael and VND37.53million/tael for bid and ask, respectively.

Local gold lost a part of its appeal as an investment channel after the government plans to ban gold from being officially accepted as legal tender in two years time and local banks cut gold deposit interest to as low as 0.2% in the latest round.

Local media reported that Hanoi will investigate gold and dollar shops in the city from May 2, 2011 to fight illegal trades.

In Asia trade this morning, gold edged higher, buoyed by a dollar near 2-1/2-year lows as investors await the outcome of a two-day meeting of the U.S. Federal Reserve for clues to monetary policy.

Spot gold gained 0.5 percent to $1,508.96 an ounce by 0033 GMT and U.S. gold futures GCv1 edged up 0.4 percent to $1,510.

All eyes are on the result of the Fed meeting and a news briefing by Chairman Ben Bernanke afterwards, with expectations that the central bank will probably show no hurry to scale back its massive support for the economic recovery.

The dollar index declined to a three-year low, as the euro scaled fresh 16-month peaks against the greenback ahead of the outcome of the Federal Reserve meeting.

The dong strengthened by VND5 to VND20,698 a dollar, the highest level since March 31 on higher dollar supply.

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