Oct 27: Vietnam gold hovers at VND32.9Mln, Dollar up to VND20,190

Local gold prices on October 27 hovered at VND32.9million/tael and VND32.95million/tael eyeing world gold prices’ new momentum. Meanwhile, dollar prices hit the fresh all-time high of VND20,190 in the free market.

Local gold prices on October 27 hovered at VND32.9million/tael and VND32.95million/tael eyeing world gold prices’ new momentum. Meanwhile, dollar prices hit the fresh all-time high of VND20,190 in the free market.

Samcombank-SBJ bullion in Ho Chi Minh at 9:10 a.m. was listed at VND32.9million/tael and VND32.94million/tael for bid and ask, respectively.

At 9::30 a.m., bid and ask of Phu Quy’s SJC in Hanoi were listed at VND32.87million/tael and VND32.95million/tael, respectively.

Local physical gold trading remained sluggish as local investors are staying on the sidelines eyeing a new momentum of global gold prices.

Local gold prices are hovering near the psychologically important threshold of VND33million/tael, said gold traders, pressing that gold remained an attractive investment channel compared to others as local gold prices have surged VND6million/tael (24%) from VND26.7million in early 2010.

In Asia trade this morning, spot gold edged down 0.3% at $1,335.19 an ounce by 0347 GMT. U.S. gold futures fell 0.3% to $1,335.2 an ounce.

A bullish target of $1,362 per ounce for spot gold has been established as per its wave pattern and a Fibonacci projection analysis, said Wang Tao, a Reuters market analyst.

“The market is entering a period of consolidation. The euro is under pressure and the dollar isn’t doing a great deal, making the precious metals market quiet,” said Ellison Chu, manager of precious metals at Standard Bank Asia in Hong Kong.

In the global forex market, the dollar edged up on Wednesday. Its recent weakness has helped propel gold to record highs.

In the local forex market, dollar bid and ask prices at gold shops advanced to VND20,150 and VND20,190, representing responsive decreases of VND30 and VND20 from last close. Vietcombank’s dollar bid and ask were unchanged at VND19,490 and VND19,500, respectively. – Stoxplus.com

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