Dec 30: Vietnam gold surges to VND36.14Mln, Dollar under VND21,000

Local gold prices on December 30 surged to VND36.14million/tael, up VND100,000 from last close while the world gold prices hovered near three-week high. Meanwhile, dollar prices eased further to VND20,980 in the free market.

Sacombank-SBJ in Ho Chi Minh was listed at VND36.05million/tael and VND36.09million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND36.04million/tael and VND36.12million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND36.04million/tael and VND36.1milllion/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 reached a three-week high of $1,414.30, before inching down to $1,413.30 an ounce. U.S. gold futures were nearly flat at $1,414.1.

In the second-last trading day of the year, investors will keep their eye on the weekly initial jobless claims data from the United States, to gauge the health of the world’s largest economy.

“If the initial claims data comes positive, it could prompt some profit-taking in gold,” said Ong Yi Ling, an analyst at Phillip Futures.

Premium on gold bars in Hong Kong remained at about $1 above London prices, dealers said.

“But you can only find one or two tons here and there, not large quantities. Both India and China are still very good buyers,” said the Hong Kong-based dealer.

In the local market, dollar prices were quoted at VND20,940 and VND20,980 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 greenback softened a notch, as traders took a dip in U.S. bond yields as a cue to sell the greenback. – Stoxplus.com

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