Vietnam gold edges up to VND29.75 Mln, Dollars flat

Local gold prices on September 16 edged up to VND29.70million/tael and VND29.75 million/tael for bid and ask, respectively, while dollar prices stayed flat at both unofficial and official markets.

Local gold prices on September 16 edged up to VND29.70million/tael and VND29.75 million/tael for bid and ask, respectively, while dollar prices stayed flat at both unofficial and official markets.

On Thursday, Hanoi SJC’s bullion’s bid and ask were listed at VND 29.69 million and VND29.75 million/tael this morning, up VND30,000 as of last close. Meanwhile, Ho Chi Minh’s SJC bullion were listed at VND29.69 million/tael and VND29.73 million/tael for bid and ask, unchanged from yesterday close.

Sacombank-SBJ bullion was listed at VND29.7 million/tael and VND29.72 million/tael for bid and ask, respectively, up VND10,000/tael.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.63 million/tael and VND29.73 million/tael for bid and ask prices, respectively.

Local trading was lackluster this morning as investors ses few speculative opportunities.

In Asia trade this morning, spot gold edged up 0.1% to $1,267.15 an ounce, drifting lower from the all-time high of $1,274.75 reached on Sept 14.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings fell to 1,294.746 tons by Sept 15 from 1,298.698 tons on Sept 14.

“We’re seeing a bit of consolidation before gold gets some momentum and continues on its upward trend,” said Ong Yi Ling, an analyst at Philip Futures. The support level for gold is at $1,260, she said.

Soft economic data, especially out of the U.S., could help gold end its consolidation phase, Ong added.

“If it (data) is softer than expected, it could provide impetus for gold to breach above the $1,270 level and possibly even the $1,280 level.”

In the local forex market, dollar prices held at both unofficial market and official market. Dollar prices at gold shops were quoted at VND19,490 and VND19,510 for bid and ask, respectively, while Vietcombank’s dollar bid and ask were unchanged at VND 19,475 and VND 19,500.

In global forex market,the dollar has recovered to about 85 yen now after the government and Bank of Japan intervened yesterday – Stoxplus.com

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