Nov 24: Vietnam gold tops VND36Mln, Dollar down

Vietnam gold prices on November 24 surged to VND36 million/tael as world gold prices gained on political uncertainties. Meanwhile, dollar prices edged down to VND21,180 in the free market.

Vietnam gold prices on November 24 surged to VND36 million/tael as world gold prices gained on political uncertainties. Meanwhile, dollar prices edged down to VND21,180 in the free market.

At 8:20 a.m., Sacombank- SBJ in Ho Chi Minh was listed at VND35.91million/tael and VND36.04million/tael for bid and ask, respectively.

SJC was listed at VND35.9million/tael and VND36.05million/tael for bid and ask, respectively.

Phu Quy’s SJC in Hanoi was listed at VND35.88million/tael and VND36million/tael .

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND35.85million/tael and VND36.05million/tael, respectively.

Local trading remained thin as investors stayed on the sidelines on price volatility.

In Asian trade this morning, spot gold shed $1.5 to $1,374.70 an ounce in Asia, after rising to $1,382 in the previous session, its highest since Nov 12. U.S. gold futures fell 0.2% to $1,374.7.

Holdings in the SPDR Gold Trust remained unchanged at 1,285.084 tons.

“It’s mainly safe-haven buying in gold after North Korea and South Korea exchanged fire yesterday, in addition to the buy-on-dip type,” Reuters quoted Li Ning, an analyst at Shanghai CIFCO Futures as saying.

“There is some book-squaring before the U.S. holiday tomorrow. Gold is still on the upside, thanks to risk aversion,” said a Hong Kong-based dealer.

Demand from Asian countries remained robust, with bargain hunting seen around the $1,350 level, but scrap selling was scarce, he added.

In the local market, dollar prices at gold shops edged down VNV20-VND30 to VND21,120 and VND21,180 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