Gold surges to VND36.39Mln, Dollar at all-time high

Gold prices on December 1 morning soared to VND35.87million/tael, up VND400,000 from last close as world gold prices rallied more than 1%. Meanwhile, dollar prices broke the lifetime high of November 9 to hit VND21,520 in the free market.

Gold prices on December 1 morning soared to VND35.87million/tael, up VND400,000 from last close as world gold prices rallied more than 1%. Meanwhile, dollar prices broke the lifetime high of November 9 to hit VND21,520 in the free market.

At 9 a.m., SJC surged to VND36.27million/tael and VND36.39million/tael for bid and ask, respectively, up VND400,000 from last close.

Sacombank-SBJ was listed at VND36.29million/tael and VND36.39million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.15million/tael and VND36.35million/tael for bid and ask, respectively.

In New York trade last night, spot gold was last bid around $1,385 an ounce. U.S. gold futures for December settled up $19 to end at $1,385 an ounce.

U.S. gold volume was 30% below its one-month average, as most investors have completed rolling over to February contracts from December futures. The first notice day for December was Tuesday.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings rose to 1,286.603 tons by Nov. 29 from 1,285.084 tons on Nov. 22.

With risk aversion running high, the typical inverse link to the dollar collapsed, with the 25-day gold/dollar correlation at its weakest in two months, Reuters reported.

“Even the strong U.S. dollar could not push gold in dollar terms lower,” said Eugen Weinberg, an analyst at Commerzbank. “This suggests that the U.S. dollar is not perceived as the primary safe haven right now, but rather gold.”

In the official sector, the International Monetary Fund has slowed the rate of selling its gold by 40 percent in October from the previous month, as interest among central banks to own the metal as a hedge against economic uncertainty rose.

In the local market, prices of the greenback at gold shops surged to VND21,470 and VND21,520 for bid and ask, respectively. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively. – Stoxplus.com

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