Oct 18: Vietnam gold eases to VND33.1Mln, Dollar surges

Local gold prices on October 18 eased VND50,000/tael to mostly VND33.1million/tael as world gold prices fell nearly 1%, while dollar prices surged to VND19,920 in the free market.

Local gold prices on October 18 eased VND50,000/tael to mostly VND33.1million/tael , while dollar prices surged to VND19,920 in the free market.

On Monday, Ho Chi Minh’s SJC bullion was listed at VND33.06million/tael and VND33.11million/tael for bid and ask, respectively, down VND40,000 from last close. Meanwhile Hanoi SJC was sold at VND33.13million/tael.

Samcombank-SBJ bullion in Ho Chi Minh was sold at VND33.06million/tael and VND33.10million/tael, representing a responsive fall of VND30,000 and VND60,000 from last close.

Local gold prices on October 18 eased VND50,000/tael to mostly VND33.1million/tael as world gold prices fell nearly 1%, while dollar prices surged to VND19,920 in the free market.

Local trading this morning remained lackluster as gold investors still stayed at the sidelines.

In Asia trade this morning, spot gold fell $12.55 to $1,357.95 an ounce by 0317 GMT, extending losses from the previous session. U.S. gold futures fell one percent to $1,359.2 an ounce.

“Prices went down sharply this morning, as the dollar strengthened. But we have seen good buying around $1,356 to the $1,356.5 level. Now the price is stabilizing around this level,” said a Singapore-based dealer, adding that there was strong support in the range from $1,350 to $1,352.

“And if the dollar doesn’t do much, gold could be consolidating around current levels.”

A bullish target at $1,404 per ounce for spot gold has been temporarily aborted, as the retracement may continue to drive the price down to $1,340 per ounce, said Wang Tao, a Reuters market analyst.

In the global market, the dollar rose about half 1% against a basket of currencies on Monday, after rising off a 10-month low late last week, and technical indicators pointed to the possibility of a further short-covering rebound.

In the local forex market, dollar bid and ask prices at gold shops soared to VND19,870-VND19,920, representing a corresponding increase of VND40-VND60 from last close. Vietcombank’s dollar bid and ask were unchanged at VND19,490 and VND19,500. – Stoxplus.com

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