Dec 29: Vietnam gold surges to VND36.19Mln

Local gold prices on December 29 morning surged to VND36.19million/tael as world gold prices jumped nearly 1.5% to settle above $1,405, the local newswire CafeF reported.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.71million/tael and VND36.19million/tael for bid and ask, respectively.

SJC- ACB was listed at VND35.97million/tael and VND36.07million/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.

In New York trade last night, spot gold was last bid around $1,404 an ounce, after earlier hitting a session peak of $1,406.15, the highest since Dec. 14. U.S. gold futures for February delivery settled up $22.70 to end at $1,405.60 an ounce.

“This is consistent with our thesis that gold is, at the margin, becoming a reservable asset of greater interest by the reserve banks of Asia, Africa and likely also South America. At the margin, they are increasing their gold holdings at the expense firstly of the EUR and now of dollars.”

Next year is expected to mark the end of a lengthy trend of official sector bullion sales, with central banks globally turning net buyers for the first time in decades. Investors are also expected to continue piling in.

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.

“Asians have been non-stop buyers, and want to load up when gold is some 40 bucks off the all-time highs,” said a Singapore-based trader. – Stoxplus.com

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