Nov 29: Vietnam gold edges up to 35.79Mln, Dollar near VND21,500

Vietnam gold prices on November 29 edged up VND40,000 to VND35.79million/tael as world gold prices bounced to $1,363.19 an ounce after an early drop. Meanwhile, dollar prices surged to VND21,450 in the free market.

Vietnam gold prices on November 29 edged up VND40,000 to VND35.79million/tael as world gold prices bounced to $1,363.19 an ounce after an early drop. Meanwhile, dollar prices surged to VND21,450 in the free market, extending its rising momentum for 5 consecutive days.

SJC was listed at VND35.70million/tael and VND35.79million/tael for bid and ask, respectively, upVND40,000 from last close.

Sacombank- SBJ in Ho Chi Minh was listed at VND35.74million/tael and VND35.77million/tael for bid and ask, respectively.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND35. 68million/tael and VND35.78million/tael, respectively.

Local trading remained tepid as investors stayed on the sidelines on price volatility. Local gold shops narrowed bid-ask spread to a range of between VND30,000/tael to under VND100,000/tael to boost up trading.

Sacombank-SBJ forecasted that demand for gold will likely calm down from now to the end of the year as the gold deposit interest rates fell to below 1% p.a. while the dong deposit interest rates surged.

In Asian trade this morning, spot gold added $1.46 to $1,363.19 an ounce, having hit an intraday low at around $1,353 — not far from a low around $1,350 seen last week. Bullion was below a lifetime high around $1,424 struck in early November.

U.S. gold futures rose $1.1 an ounce to $1,363.5 an ounce.

“For today, I would look at support for gold at about $1,350. However, I think if we see a breach of this level, then we could see gold retreating further,” Ong Yi Ling, investment analyst at Phillip Futures in Singapore was quoted by Reuters as saying.

“For the week ahead, I will also expect gold prices to pass some of its gains that was accumulated earlier. Currently the gold and the dollar is having a pretty strong inverse relationship.”

“I would think $1,350 is a good support for gold, but I don’t think we will go down too much even if we break that level.”, said a dealer in Hong Kong.

In the local market, dollar prices at gold shops edged up to VND21,350 and VND21,450 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