Nov 30: Vietnam gold climbs to 35.87Mln, Dollar tops VND21,500

Vietnam gold prices on November 30 rose VND100,000/tael to VND35.87million/tael although world gold prices were steady. Meanwhile, dollar prices inched up VND50 to VND21,500 in the free market, extending its rising momentum for 6 consecutive days.

Vietnam gold prices on November 30 rose VND100,000/tael to VND35.87million/tael although world gold prices were steady. Meanwhile, dollar prices inched up VND50 to VND21,500 in the free market, extending its rising momentum for 6 consecutive days.

SJC was listed at VND35.77million/tael and VND35.87million/tael for bid and ask, respectively.

Sacombank- SBJ in Ho Chi Minh was listed at VND35.8million/tael and VND35.85million/tael for bid and ask, respectively.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND35. 78million/tael and VND35.88million/tael, respectively.

Local trading remained tepid as investors stayed on the sidelines. The central bank’s move to give gold import quota last week helped to balance demand and supply, stabilizing recent gold prices.

However, gold prices are well backed by accelerating dollar prices, the state-run online newspaper VnEconomy reported.

In the local market, prices of the greenback at gold shops edged up to VND21,400 and VND21,500 for bid and ask, respectively. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively.

In Asian trade this morning, spot gold edged down 0.2 percent at $1,365.75 an ounce, moving in a tight range of less than $6. U.S. gold futures were flat at $1,366.

Gold might benefit from safe-haven buying, if situations in Europe and Korea peninsula deteriorated. But a stronger dollar, another beneficiary of political and economic uncertainties, could weigh on gold prices, a Reuters analyst said.

The euro hovered above the two-month low hit a resurgent dollar, on Monday, as investors cast doubt on the Ireland rescue package and expected other fiscally-troubled nations, such as Spain and Portugal, to require.

Spot gold is biased to fall even through it remains technically neutral as it is rangebound between $1,350 and $1,375, said Wang Tao, a Reuters market analyst.

But physical buying in Asia remained supportive of gold prices.

“We’ve seen good physical demand from China and India, both from jewellers and investors,” Reuters quoted a Hong Kong-based dealer as saying, citing premium for gold bars in Hong Kong at $1.2 to $1.5 above London prices.

The International Monetary Fund has slowed the rate of selling its gold by 40 percent in October from the previous month, as interest among central banks to own the metal increased as a hedge against economic uncertainty.- Stoxplus, Reuters

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