Nov 4: Vietnam gold hits VND34Mln threshold, Dollar up to VND21,000

Vietnam gold on November 4 morning touched a new lifetime high of VND34million/tael, up VND220,000/tael from yesterday close, while the greenback sets a new peak of VND21,000 the on the black market.

Vietnam gold on November 4 morning touched a new lifetime high of VND34million/tael, up VND220,000/tael from yesterday close, while the greenback sets a new peak of VND21,000 , extending its rising momentum for the 8th consecutive day the on the black market.

At 9 a.m, SBJ was listed at VND33.81million/tael and VND 33.99million/tael for bid and ask, respectively. Sacombank said it adjusted the listed SBJ prices for at least 3 times in one hour.

SJC was listed at VND33.86million/tael and VND33.95million/tael for bid and ask, respectively. Phu Quy SJC in Hanoi was listed at VND33.87million/tael and VND34million/tael , respectively.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau were listed at VND33.82million/tael and VND33.92million/tael for bid and ask, respectively.

On the contrary, spot gold was last bid around $1,343 an ounce in New York trade against $1,357.00 late on Tuesday.

U.S. gold futures for December delivery settled down $19.30 to end at $1,338.60 an ounce.

Holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, slipped on Tuesday, however, by around 1 ton to 1,292.189 tons. ETFs issue securities backed by physical stocks of metal.

In the local forex market, dollar prices were quoted at VND20,850 and VND21,000 for bid and ask, respectively at gold shops. Meanwhile, the greenback was capped at VND19,490 and VND19,500 at Vietcombank.

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%.

Meanwhile, in the global market, the greenback was on the back foot on Thursday after the Federal Reserve launched a controversial policy to buy more government debt, hovering near its 2010 low against a basket of currencies and a 28-year trough against the Australian dollar. – Stoxplus.com

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