Nov 16: Vietnam gold edges down to VND34.9Mln, Dollar steady

Vietnam gold prices on November 16 morning eased to VND34.9million/tael, down VND100,000 from yesterday close after the State Bank of Vietnam (SBV) gave gold import quota to local banks. Meanwhile, dollar prices stayed flat at VND20,950.

Vietnam gold prices on November 16 morning eased to VND34.9million/tael, down VND100,000 from yesterday close after the State Bank of Vietnam (SBV) gave gold import quota to local banks. Meanwhile, dollar prices stayed flat at VND20,950 in the free market.

At 11 a.m., SBJ was listed at VND34.79million/tael and VND34.85million/tael for bid and ask, respectively.

Phu Quy SJC in Hanoi was listed at VND34.82million/tael and VND34.92million/tael for bid and ask, respectively.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND34.8million/tael and VND34.9million/tael for bid and ask, respectively.

Vietnam has abolished the import duty on gold in another effort to cool domestic prices of the metal after it has granted gold import quotas last week, a state-run newspaper reported.

Local investors started selling gold to book profits before prices fall further, while buying interest remained weak, said gold traders.

In Asian trade this morning, spot gold gained 0.3% to $1,363.70 an ounce, after falling to $1,354.99 in the previous session, its lowest in nearly two weeks. U.S. gold futures fell 0.4% to $1,363.2 an ounce.

A bearish target at $1,341 per ounce for spot gold is unchanged, based on a triangle pattern that formed between $1,382 and $1,424, said Wang Tao, a Reuters market analyst.

“In two to three days, buying will pick up. People are waiting to see prices stabilized before they jump in,” said a Hong Kong-based dealer, adding that the ongoing Indian wedding season and upcoming Lunar New Year will provide support to physical demand.

In the local market, dollar prices at the gold shops were quoted at VND20,870 and VND20,950 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