Vietnam gold prices had an extreme volatile trading day

Vietnam gold prices had an extreme volatile trading day today as it swung to top VND46 million/tael in early trade before easing down to VND45 million 1 hour later but then it bounced back following suit global gold prices

Vietnam gold prices had an extreme volatile trading day today as it swung to top VND46 million/tael in early trade before easing down to VND45 million 1 hour later but then it bounced back following suit global gold prices. Dollar prices were stable at banks but fell in the grey market on caution.

As of 11:00 Hanoi time, Sacombank-SBJ gold was listed at VND45.11 million/tael and VND45.59 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND45.1 million/tael and VND45.62 million/tael for bid and ask, respectively while SJC in the free market was quoted at VND45.1 million-VND44.60 million a tael for bid and ask respectively.

Gold prices were extreme volatile in the past few days and went crazy this morning in a tug-of-war between profit takers and seek-for-safe-haven buyers.

Global cash gold hit an all-time high of $1,813.79 while US gold future rose to a record high of $1,817.6 early in the day. But both eased after the CME Group said it raised margins on U.S. gold futures by 22.2%
The latest gold frenzy sent local gold prices from a discount to a premium to global prices. As of 11:00 Hanoi time, local gold price was VND45.6 million ($2,189) a tael (37.5 grams or 1.21 troy ounces) or equivalent to $1,817.5 an ounce, higher than spot gold $1793 last bid at the same time in Asia market.

State-run television VTV reported today that only 1 out of 5 tons of gold allowed to imported by the SBV will arrive in Vietnam this week as companies scaled down their gold imports on high volatility and narrow spread between local and global markets – Stoxplus.com

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