Dec 28: Vietnam gold rebounds to VND36.02Mln, Dollar up to VND21,110

Local gold prices on December 28 morning turned round to VND36.02million/tael, ending its decreasing momentum for two weeks as world gold prices firmed and dollar prices rebounded to VND21,110 in the free market .

Sacombank-SBJ in Ho Chi Minh was listed at VND35.61million/tael and VND36.09million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.81million/tael and VND35.88million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.81million and VND35.9million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.76million/tael and VND35.82million/tael for bid and ask, respectively.

Local trading remained lackluster as investors stayed on sidelines, the state media reported, adding that thin trading is expected to hold on till the end of the year. Prices have mostly ranged from VND35.8million/tael and VND35.9million/tael for a week.

In Asian trade this morning, spot gold gained 0.4% to $1,389.7 an ounce. U.S. gold futures climbed 0.6% to $1,390.7.

“Gold is riding high on its own, but with the euro/dollar bid, it’s even better,” said a Singapore-based trader. “Asians have been non-stop buyers, and want to load up when gold is some 40 bucks off the all-time highs.”

Spot gold is biased to rise to $1,410 per ounce as an upward wave “c” is unfolding towards an eventual target at $1,430, said Wang Tao, a Reuters market analyst.

Traders and analysts expected the rally in gold prices to continue in 2011, after the bullion gained 27% this year, on course for its strongest year since 2007.

In the local market, dollar prices were quoted at VND21,030 and VND21,110 for bid and ask, respectively, up VND50 from last close in the free market. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively.

In the global market, the greenback came under broad selling pressure, hitting a three-week low against the yen and a seven-week low against the Australian dollar. – Stoxplus.com

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