Nov 3: Vietnam gold, Dollar set fresh lifetime highs, no signs of easing

Local gold continued to set new all-time high of VND33.96million/tael and dollar prices hit a new lifetime peak of VND20,980, extending its rising momentum for its 7 consecutive days. Meanwhile, there are no signs of easing in sight.

On November 3 afternoon, local gold continued to set new all-time high of VND33.96million/tael and dollar prices also hit a new lifetime peak of VND20,980, extending its rising momentum for its 7 consecutive days. Meanwhile, there are no signs of easing in sight.

At 5 p.m., Ho Chi Minh SJC was listed at VND33.7million/tael and VND33.8million/tael for bid and ask, respectively. Phu Quy’s SJC in Hanoi was listed at the same prices, up VND120,000 from early trade this morning.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau at the same time were listed at VND33.68million/tael and VND33.78million/tael, respectively.

Earlier, at 1:30 p.m., Thang Long bullion was listed at VND33.86million/tael and VND33.96million/tael, up VND280,000 from those listed at 9 a.m.

At 4:15 p.m.,Sacombank SBJ adjusted its listed bid and ask for the 17th time on the day. At the latest adjustement, SBJ gold was listed at VND33.64million/tael and VND33.74million/tael for bid and ask, respectively.

Despite the ascent of the gold prices to fresh all-time highs, bullish enthusiasm remained tepid as local investors are skeptical on price volatility.

In the local forex market, dollar prices at gold shops continuously set the record highs.

At 5 p.m., dollar bid and ask were quoted at VND20,840 and VND20,940-VND20,950, respectively, up VND90-VND100 from the morning.

Earlier, dollar prices even hit VND20,870 and VND20,970 for bid and ask, respectively.

Some sources reported that the State Bank of Vietnam on November 3 afternoon held a meeting to mull over taking actions to ease dollar prices. It is likely that the trading band between the dong and the dollar will be expanded to above current 3%.

Sacombank SBJ forecasts local gold prices are going to hit the threshold of VND34million/tael soon due to limited gold supply and dollar price rockets.

Gold shop	Time
	9:30	12:30	13:30
Hanoi SJC	33.36 Mln	33.79Mln	33.86Mln
Bao Tin Minh Chau	33.68Mln	33.85Mln	33.96Mln
Sacombank SBJ	33.64Mln	33.76Mln	33.82Mln

(Gold prices movements on November 3 – Source: DVT.vn)

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