Feb 10: Vietnam gold says goodbye to VND36Mln threshold, Dollar down

Local gold prices on February 10 were falling gradually leaving away from VND36 million/tael as global gold fell on ETF selling while local dollar prices were offered at VND21,320 in the free market.

Local gold prices opened at around VND35.9 million a tael for offers but the fell through the trading day to close at VND35.87 million a tael.

At the close, Sacombank-SBJ gold as listed at VND35.69million/tael and VND35.77 million/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 VND35.86 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.74 million/tael and VND35.83million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.74million/tael and VND35.81milllion/tael for bid and ask, respectively.

In Euro trade this afternoon, gold edged down on Thursday after holdings on the ETF slipped again, spot gold lost 64 cents to $1,362.25 an ounce, U.S. gold futures for April fell $6.4 an ounce to $1,359.1 an ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings slipped to 1,226.436 metric tons by Feb. 9, their lowest since late January, from 1,228.560 metric tons on Feb. 8.

“I think the market at the moment is in itself lost, to be honest. On one hand, it seems relatively well supported at probably around $1,355 level. On the top side, it’s struggling to get above $1,368,” said Darren Heathcote, head of trading at Investec Australia.

“We still have got the potential for further geopolitical unrest within Egypt.”

Spot gold is expected to retrace to $1,350 per ounce, as it failed to rise on Wednesday, and a bullish target at $1,384 is temporarily aborted, according to Wang Tao, who is a Reuters market analyst for commodities and energy technicals.

“The market is extremely quiet and prices are stuck around the $1,360 level,” said another dealer in Singapore.

In local money market, dollar prices fell to VND21,250-VND21,320 for bids and asks respectively in the free market while the trading was sluggish.

The dollar in global market was on the defensive against the euro on Thursday after Treasury yields fell on comments by Fed Chairman Bernanke that its bond buying program would continue. – Stoxplus

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