Vietnam gold at fresh all-time high VND30.33Mln/Tael, Dollars flat

Local gold prices on September 23 set a fresh new high at VND30.25-VND30.33million/tael for bid and ask, respectively, up VND30,000/tael from last close , while dollar prices stayed flat in both official and unofficial markets.

Local gold prices on September 23 set a fresh new high at VND30.25-VND30.33million/tael for bid and ask, respectively, up VND30,000/tael from last close , while dollar prices stayed flat in both official and unofficial markets.

On Thursday, Hanoi SJC’s bullion’s bid and ask hit the fresh record at VND30.28million/tael and VND30.34million/tael at 9:45 a.m. Meanwhile, Ho Chi Minh’s SJC bullion was listed at VND30.28 million/tael and VND30.32million/tael for bid and ask, respectively, up VND30,000 from last close.

Sacombank-SBJ bullion in Ho Chi Minh this morning was listed at VND30.28million/tael and VND30.31million/tael for bid and ask, respectively.

Local trading was sluggish this morning in the absence of sellers as most of gold investors already took profit when local gold price hit VND29 million/tael. Meanwhile, local buyers remain gun-shy, eyeing higher gold price hike.

In Asia trade this morning, spot gold was trading at $1,292.80 an ounce, below the fresh all-time high of $1,296.1.

Dealers and analysts expect gold to break through the psychologically important $1,300 level soon as market sentiment rides high on worries about the health of the economy, even though the market has been overbought.

“The $1,300 level is definitely within reach in the next couple of days if uncertainties persist, which they may well do,” said Darren Heathcote, head of trading at Investec Australia.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings maintained at 1,304.2 tons in the wake of 0.3 ton sale on Tuesday.

In the local forex market, dollar prices held at both unofficial market and official market. Dollar prices at gold shops were quoted at VND19,510 and VND19,530 for bid and ask, respectively after rising VND10 on Monday. Meanwhile, Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500.

In global forex market, the U.S. dollar hovered near its 6-month low against a basket of currencies, as talk the Federal Reserve will soon start printing more of the currency drove down Treasury yields and dragged it to a five-month low on the euro. – Stoxplus.com

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