Nov 1: Vietnam gold hovers at all-time high VND33.45Mln, Dollar up

Vietnam gold prices hovered at the all-time high of VND33.45million/tael on November 1 while dollar prices extended its rising momentum for its 5 consecutive days to VND20,490. Vietnam gold prices hovered at the all-time high of VND33.45million/tael on November 1 while dollar prices extended its rising momentum for its 5 consecutive days to VND20,490. At 8:08 a.m., SJC in Ho Chi Minh was listed at VND33.37million/tael and VND33.42million/tael for bid and ask, respectively. Meanwhile, Phu Quy’s SJC in Hanoi at 9a.m. was listed at VND33.36million/tael and VND33.44million/tael for bid and ask, respectively. Bid and ask of Sacombank-SBJ gold at 8:25 a.m. were listed at VND33.38million/tael and VND33.42million/tael, respectively. Thang Long bullion gold, a product of Bao Tin Minh Chau was listed at VND33.36million/tael and VND33.44million.tael for bid and ask, respectively. Local physical gold trading this morning remained sluggish as local investors stay on the sidelines on gold price volatility, causing gold traders to narrow down the bid/ask spread to VND80,000-VND100,000 in Hanoi and VND40,000-VND50,000 in Ho Chi Minh city. Vietnam gold advanced VND6.5million/tael from VND26.7million/tael early 2010. In Asian trade this morning, spot gold added $1.37 to $1,358.42 an ounce by 0323 GMT, having hit an intraday high of $1,365.49. U.S. gold futures remained steady at $1,358.3 an ounce. “Today, I am looking at some gains in gold in follow-through strength. Particularly, if gold hits higher, I think other precious metals like silver and palladium are likely to be boosted as well,” said Ong Yi Ling, investment analyst at Phillip Futures. “Sentiment is cautiously bullish before the Fed meeting but I think people are still talking about the price target of $1,400,” said a bullion dealer in Hong Kong. In the local forex market, dollar prices extended its rising momentum in the free market while stayed flat at local lenders. At 9 a.m., dollar prices at gold shops were quoted at VND20,450 and VND20,490 for bid and ask, respectively, representing corresponding increases of VND30 and VND20 from last Friday. The dollar has risen by 5.89% since the State Bank of Vietnam (SBV) devalued the dong by 2.09% on August 18. Meanwhile, those at Vietcombank were steady at VND19,490 and VND19,500 for bid and ask, respectively. In the global market, the dollar is broadly under pressure after U.S. Treasury yields dropped on Friday, with the two-year yielding falling near a record low ahead of the Fed meeting this week. – Stoxplus.com

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

Posted by VBN on Nov 1 2010. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry