Sep 30: Vietnam Gold Gains VND0.3Mln/Tael, Premium Falls, Dollar Stable

Vietnam gold rose by VND0.3 million to VND44.6 million a tael this morning after the world gold prices edged up, local gold premium fell to VND3.5 million/tael while dollar prices were stable.
As of 8:40 Hanoi time, Sacombank-SBJ gold was listed at VND43.86 million/tael -VND44.44 million/tael for bid and ask, respectively.
SJC gold and Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND44.2 million/tael and VND44.6 million/tael for bid and ask, respectively in Hanoi.
The spread between gold bids and asks narrowed to VND0.5 million from yesterday VND0.7 million/tael .
compared with VND0.5-1 million /tael yesterday and domestic gold premium rose back to VND4 million/tael or nearly 9% .
Global Markets: Gold Heading For Worst Month Since October 2008
Gold ticked up on Friday on German approval of a stronger bailout fund to counter the euro zone debt crisis, but the metal was heading for its worst monthly decline in three years.
Spot gold added $7.79 an ounce to $1,621.84 an ounce by 0043 GMT. U.S. gold rose $7.2 an ounce to $1,624.50 an ounce.
Despite the gain, prices were headed for a loss of 11%, their worst since October 2008 when they tumbled 17 % following the collapse of Lehman Brothers.
Gold rallied to a lifetime high around $1,920 an ounce in early September.
ETFs Are Selling, Gold To Trade Sideways To Lower: Analysts
There are signs that exchange-traded fund investors in gold are selling, says Tom Pawlicki of MFGlobal.
“Holdings in the GLD and IAU funds based in the U.S. have fallen 445,067 ounces in the first two days of this week. If the holders of the gold ETF continue to liquidate, it can foreshadow further declines in price,” he says.
He also notes that between Sep 28th and Oct 19th gold prices have fallen in 7 of the last 10 years by 1.8%.
An analyst with FMX Connect wrote: “Technically, very little from yesterday has changed, all though it should be noted bullion could not break above resistance at the 100-day moving average. The high was 1637.90 and the average is 1639.30. This supports our bear stance: We expect gold to trade sideways to lower, eventually retesting the 200-day moving average near 1530 and a break below the 200-day moving average could prompt a truly violent sell-off all the way to the mid-1200s.”
In future trade, options are reflecting strong concerns of a sharp sell-off and decreased expectations of a rally, he added.
Local Dollar Stable
Vietnam’s central bank kept the U.S. dollar’s exchange rate to VND20,628 unchanged for a 32 days. Banks mostly keep their dollar prices unchanged. Dollar prices in gold shops in Hanoi stood still at VND21,220 -21,280 for bid and ask respectively for a third day.”-Source:StoxPlus.com”

Tags: Dollar Stable, Global Markets, Premium Falls, Rong Thang Long gold, SJC gold, vietnam gold

Posted by quynhdn on Sep 30 2011. Filed under Gold, Markets. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry