Dec 15: Gold undercuts VND36Mln, Dollar near VND21,000

Gold prices on December 15morning undercut the VND36million threshold to VND35.92million/tael as world gold prices slid off the one-week high of $1,407.70 to $1,395.15 an ounce. Meanwhile, dollar prices eased further to VND21,090 in the free market

Gold prices on December 15 morning undercut the VND36million threshold to VND35.94million/tael as world gold prices slid off the one-week high of $1,407.70 to $1,395.15 an ounce. Meanwhile, dollar prices eased further to VND21,090 in the free market .

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.92million/tael and VND36.02million/tael for bid and ask, respectively.

At 9:45 a.m., Phu Quy SJC in Hanoi was listed at VND35.94million/tael and VND36.04million/tael for bid and ask, respectively.

At 9:50 a.m., Sacombank-SBJ in Ho Chi Minh was listed at VND35.86million/tael and VND35.94million/tael for bid and ask, respectively.

Local gold prices have tumbled by between VND400,000 and VND500,000 from the one-week high on yesterday morning and VND300,000 from last close.

Gold prices have moved within a broad range from VND34.5million/tael to VND36.7million, which mainly attribute to the fluctuations of dollar prices in the free market and world gold prices, the state media reported.

In Asian trade this morning, spot gold was little changed at $1,395.15 an ounce, after hitting a one-week high of $1,407.70 in the previous session. U.S. gold futures for February delivery slipped 0.6% to $1,395.8 an ounce.

Trading interest was low as funds and traders wind down their positions in the last few weeks of the year.

“Everybody is waiting for the holidays. They don’t want to buy,” said a Hong Kong-based dealer. “Things will be quiet in the market, and prices range between $1,380 to $1,410 until the year end.”

Gold is expected to enter another bullish year in 2011, as uncertainties in the global economy and inflation anticipation continue to lure people to park their value in gold, traders and analysts said.

Holdings in the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, continued to slip, down 3.036 tons to 1,286.794 tons, its lowest level so far this month.

In the global market, the greenback edged up against a basket of major currencies early in Asia on Wednesday on upbeat U.S. retail sales data that prompted economists to lift their growth forecasts for the fourth quarter.

In the local market, dollar prices were quoted at VND21,040 and VND21,090 for bid and ask, respectively in the free market, down VND160 after hitting VND21,250 yesterday morning. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively. – Stoxplus.com

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices