Dec 29: Vietnam gold undercuts VND36million threshold, Dollar down

Local gold prices on December 29 undercut the VND36millionthreshold to VND36.05million/tael while world gold prices hovered near their two-week high above $1,400. Dollar prices edged down VND30 to VND20,980 and VND21,080 in the free market.

Local gold prices on December 29 undercut the threshold of VND36million to VND36.05million/tael while world gold prices hovered near their two-week high above $1,400. Meanwhile, dollar prices edged down VND30 to VND20,980 and VND21,080 for bid and ask, respectively in the free market.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.06million/tael and VND36.04million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.96million/tael and VND36.05million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.96million/tael and VND36.03milllion/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 Asian trade this morning, spot gold edged down 0.1 percent at $1,403.47 an ounce by 0309 GMT, after hitting a two-week high of $1,406.75 in the previous session. U.S. gold futures were nearly flat at $1,404.4 an ounce.

“The U.S. economy outlook and monetary policy is a key factor that influences gold prices. We’ve seen data alternate between good and bad, showing that the economy is recovering, but without a strong momentum yet,” said Hou Xinqiang, an analyst at Jinrui Futures based in China.

Hou expected gold prices to be rangebound with a strong support level at $1,360 in the short term, before they rally in the coming year.

Trading on the physical market was thin, as most market players were away on holidays, dealers said.

“Yesterday we saw some selling around $1,385, and today the market is quieter than the past two days,” said a Singapore-based dealer.

In the local market, dollar prices were quoted at VND20,980 and VND21,080 for bid and ask, respectively in the free market. Meanwhile, those at Vietcombank were capped at VND19,490 and VND19,500 for bid and ask, respectively.

In the global market, the dollar index was steady, after bouncing from a 1-1/2 week low on Tuesday. – Stoxplus.com

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