Mar 22: Vietnam gold plunges to VND37.14Mln, Dong falls VND10

Local gold on March 22 plunged between VND150,000 and VND200,000 to VND37.14million/tael while global gold inched up on oil, MidEast turmoil, the dong fell VND10 in the official market.

As of 1: 43 p.m Hanoi time, Sacombank-SBJ gold as listed at VND37.04million/tael and VND37.14million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND37.05 million/tael and VND37.15 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND37.05 million/tael and VND37.15 million/tael for bid and ask, respectively, meanwhile, SJC in HCMC was listed at VND37.05 million/tael and VND37.13 milllion/tael for bid and ask, respectively.

In Asian trade this morning, gold prices edged higher on Tuesday on concerns about inflation triggered by high oil prices and an increased safe-haven appeal amid growing tensions in the Middle East following western powers’ air strikes on Libya.

Spot gold edged up 0.4% at $1,430.45 an ounce, after reacting $1,434.70 in the previous session, just $10 off the record high hit on March 7. U.S. gold futures gained 0.3% at $1,430.80.

“The tensions in Libya and the overall Middle East and North Africa region is supportive of gold prices. There is little doubt that gold would test a new high in the near future,” said Li Ning, an analyst at Shanghai CIFCO Futures.

“In the medium to long term, concerns about inflation will continue to buoy gold.”

Li added that inflationary concerns have spread from emerging economies including China, to developed economies including euro zone nations.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust fell a hefty 10.616 metric tons, its biggest one-time fall since late January, suggesting some investors might have lost interest in bullion for the time being.

In local official forex market, the dong fell VND10 to trade at VND20,683 a dollar from previous day of VND20,673. – Stoxplus.com

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