Vietnam gold eases after soaring to record high

Local gold price eased to VND29.43 million/tael, after hitting the record of VND29.5 million/tael yesterday, while dollar prices stayed flat at both unofficial and official markets.

Local gold price eased to VND29.43 million/tael, after hitting the record of VND29.5 million/tael yesterday, while dollar prices stayed flat at both unofficial and official markets.

On Thursday, Hanoi SJC’s bullion’s bid and ask slipped to VND29.39 million/tael-VND29.45 million/tael this morning, down VND40,000 from its peak yesterday. Meanwhile, Ho Chi Minh’s SJC bullion at 10:20 a.m hit the record of VND29.39 million/tael and VND29.43 million/teal for bid and ask, down VND70,000/tael as of last close.

Sacombank-SBJ bullion was listed at VND29.39 million/tael and VND29.43 million/tael for bid and ask, respectively, down VND50,000/tael from last close.

At 10 a.m, bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.36 million/tael and VND29.44 million/tael for bid and ask prices, respectively, down VND20,000/tael.

Local gold trading activities was lackluster as traders mostly stayed on the sidelines.

In Asia trade this morning, spot gold added 35 cents to $1,254.85 an ounce in Asian trade after hitting a low of $1,252.80 an ounce in thin trade. Bullion had risen as high as high as $1,262.25 on Wednesday, not far from a lifetime high around $1,264 hit in June.

“I think sentiment is still bullish right now,” said Dick Poon, manager at Heraeus in Hong Kong. “The market is only consolidating.” Bullion was still on track to test new highs, he said.

Gold had struck a lifetime high on worries the debt crisis in Europe was spreading, while recent economic data from the United States failed to ease worries the economy was slowing.

U.S. gold futures for were barely changed at $1,256.6 an ounce. It had risen to $1,264.70, its highest since June 28, on Wednesday before losing some of the gains to profit taking.

In the local forex market, dollar prices held at both unofficial market and official market. Dollar prices at gold shops were quoted at VND19,500 and VND19,520 for bid and ask, respectively, while Vietcombank’s dollar bid and ask were unchanged at VND 19,475 and VND 19,500. – Stoxplus.com

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