Dec 2: gold edges down to VND36.29Mln, Dollar holds at all-time high

Gold prices on December 2 eased to VND36.29 million/tael after having the strongest rally in the last 3 weeks, down VND60,000 from last close. Meanwhile, dollar prices stayed flat at the lifetime high of VND21,530 in the free market.

Gold prices on December 2 eased to VND36.29 million/tael after having the strongest rally in the last 3 weeks, down VND60,000 from last close. Meanwhile, dollar prices stayed flat at the lifetime high of VND21,530 in the free market.

SJC was listed at VND36.2million/tael and VND36.29million/tael for bid and ask, respectively, down VND60 from last close.

Sacombank-SBJ was listed at VND36.2million/tael and VND36.27million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.15million/tael and VND36.28million/tael for bid and ask, respectively.

Local trading remains sluggish as investors stayed on the sidelines. The Ministry of Finance raised gold export tax to 10% from previous 0%, on god bars of under 99.9% purity, powdered gold or gold materials under Group 8718, effective from January 1, 2011.

In Asian trade this morning, spot gold added $4.57 to $1,391.92 an ounce in the Asian session, after rising as high as $1,396.70 on Wednesday — its strongest since Nov. 12. Bullion was still below a lifetime high around $1,424 struck in early November.

U.S. gold futures for February rose $5.0 an ounce to at $1,393.3 an ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose to 1,293.891 tons by Dec 1 from 1,286.603 tons on Nov 29. The holdings hit a record at 1,320.436 tons on June 29.

Bullion got a bit of a boost from news that China’s gold imports jumped six-fold in January to October to more than 200 tons, although dealers said Thursday’s gains were mostly driven by investment demand.

“I don’t think you can solve this problem a short period of time. I think we are still worried about the situation in Europe,” said Dick Poon, manager at Heraeus in Hong Kong.

In the local market, prices of the greenback at gold shops held at the lifetime high of VND21,480 and VND21,530 for bid and ask, respectively. 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