Vietnam gold, Dollar steady

Local gold prices on Tuesday hovered around VND28.90 million/tael and VND28.99 million/tael for buying and selling, respectively while dollar prices hold as world gold prices steadied on U.S data and ETF eyed.

Local gold prices on Tuesday hovered around VND28.90 million/tael and VND28.99 million/tael for buying and selling, respectively while dollar prices hold as world gold prices steadied on U.S data and ETF eyed.

SJC bullion in Hanoi was stable at VND28.93/tael and VND28.99million for bid and ask at 10a.m. Sai Gon SJC’s bullion’s bid and ask were listed at VND28.92 million and VND28.98 million/tael.

Sacombank-SBJ bullion’s bid and ask at 9:30 a.m were listed at VND28.93 million and VND28.98 million/tael, up VND20,000/tael as of yesterday. A tael is equal to 1.2 ounce.

Thang Long bullion gold, a product of Bao Tin Minh Chau was listed at VND28.90 million and VND28.97million/tael for bid and ask.

The gold trading was sluggish as local investors switched to equities on higher profit-making opportunities.

In Asia trade this morning, spot gold was steady at $1,236.76 an ounce, compared with $1,236.66 per ounce late in New York on Monday.

U.S. gold futures for December delivery were also little changed, at $1,238.60 per ounce, versus $1,239.20 an ounce on Monday.

Traders said activity was likely to remain muted as market players await a series of U.S. data due this week.

With the market trading in a narrow range, the world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust , said its holdings were unchanged at 1,298.556 tons as of Aug. 30. The holdings hit a record at 1,320.436 tons on June 29.

In the local forex market, dollar prices hold in both official and unofficial markets. Dollar prices in free market maintained at VND19,490 and VND19,510-VND19,520 for bid and ask, respectively.

Dollar prices at Vietcombank were stable at VND19,475 and VND19,500 (the ceiling rate) for bid and ask.

The interbank USD/VND exchange rate on August 31 was steady at VND18,932, said the State Bank of Vietnam on its website. The forex market is expected to be stable from now to the year-end, said Cao Si Kiem, the SBV’s Former Governor.

In global forex market, the greenback fell against the yen on Tuesday as traders looked to test Japanese authorities’ resolve on intervention after the Bank of Japan’s easing steps the previous day failed to scare investors from betting on it rising further.

The greenback fell nearly 2.6% against the Japanese currency this month after sliding 2.2 %in July and around 3% each in June and May. – Stoxplus.com

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