Vietnam gold hovers vnd44.3mln/tael, dollar stable

Vietnam gold prices stood around VND44.3 million a tael as world gold prices were steady at $1,679.09 in New York trade last Friday. Local dollar prices were kept at the highest level over 5 months.

SJC gold was traded at VND44.10 million and VND44.32 million/tael for bid and ask respectively by 10:45 Hanoi time.

Sacombank-SBJ gold prices were listed at VND44.10 million/tael -VND44.30 million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND44.17 million/tael and VND44.37 million/tael for bid and ask, respectively.

Domestic gold premium stood high at VND1.6 million/tael today, or 4 times higher than the SBV’s target of VND400,000/tael.

Global Markets: Gold Was Steady Both In New York and Asia.

In the Asia trade this morning, spot gold was little changed at $1679.84 an ounce by 11:11 am Hanoi time, after rising 2.5 % in the previous week.

In the New York trade last Friday, spot gold was at $1,679.09 an ounce; U.S gold edged down 0.1% to $1,681.40.

“Money managers, including hedge funds and other large speculators, raised their bullish bets in gold futures and options for only the second time in 10 weeks, as the price of bullion extended a recovery from below $1,600 an ounce” quoted Reuters.

Local Dollar at 5 Months High

Vietnam’s central bank kept dollar exchange rate at VND20,708 for second day after raising it on Saturday to the highest level from May 13,2011 .

Banks maintained dollar offer at the ceiling of VND20,915 en mass. However, dollar prices at the gold shops bucked the trend at the low rate over last ten days. This morning, the dollar exchange rate at gold shops was around VND21,400- VND21,430 for bid and ask, respectively, VND220 lower than 10 days ago and VND 515 higher than the official ceiling rate.

Source TEI/News Writer/Stoxplus

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