Nov 8: Vietnam gold, Dollar prices set fresh all time highs

Vietnam gold on November 8 set a fresh all-time high of VND35.75million/tael, up VND450,000/tael from this morning, while dollar prices hit a new peak of VND20,950 on the black market.

Vietnam gold on November 8 set a fresh all-time high of VND35.75million/tael, up VND450,000/tael from this morning, while dollar prices hit a new peak of VND20,950 on the black market.

At 4 p.m., SBJ was listed at VND35.68million/tael and VND35.78 million/tael for bid and ask, respectively.

Sai Gon SJC was listed at VND35.63million/tael and VND35.75million/tael for bid and ask, respectively. Phu Quy’s SJC in Hanoi was listed atVND35.65million/tael and VND35.8million/tael for bid and ask.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND35.65million/tael and VND35.80million/tael, respectively.

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

In Asian trade this morning, spot gold fell $3.96 an ounce to $1,390.54 by 0601 GMT, having risen as high as $1,398.35.

U.S. gold futures for December delivery fell $8.4 an ounce to $1,389.3 an ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings slipped to 1,291.766 tons by November 5 from 1,292.189 tons on November 2. The holdings hit a record at 1,320.436 tons on June 29.

“Market has cooled-off a bit after heavy last week sales, there are queries, but nothing is materialising as prices are above 20,000 rupees again,” said Pinakin Vyas, assistant vice-president with IndusInd Bank.

“The market would take time to digest these levels. Orders are way below the current levels at $1,320-$1,350. Even scrap is low at the moment.”

In the local market, dollar prices at the gold shops were quoted at VND20,750 and VND20,950 for bid and ask, respectively. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively.

In the global market, the dollar rose sharply on Monday as unwinding of dollar short positions that began with solid U.S. jobs data snowballed, pushing down the euro to its lowest level since the Fed embarked on fresh easing last week.

But investors expect the dollar to stay on a weaker trend on global economy concerns.

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