Vietnam gold rises to VND29.4 Mln, Dollars flat

Local gold price surged VND200,000/tael to VND29.4 million/tael on September 8 as world gold price gained on bank scare, while dollar prices stayed flat at both unofficial and official markets.

Local gold price surged VND200,000/tael to VND29.4 million/tael on September 8 as world gold price gained on bank scare, while dollar prices stayed flat at both unofficial and official markets.

On Wednesday, Hanoi SJC’s bullion’s bid and ask were listed at VND 29.43 million and VND29.47 million/tael this morning. Meanwhile, Ho Chi Minh’s SJC bullion at 10:20 a.m hit the record of VND29.43 million/tael and VND29.47 million/teal for bid and ask, up VND220,000/tael as of last close.

Sacombank-SBJ bullion was listed at VND29.42 million/tael and VND29.45 million/tael for bid and ask, respectively, up VND200,000/tael from last close.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.39 million/tael and VND29.46 million/tael for bid and ask prices, respectively, up VND200,000/tael.

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

In Asia trade this morning, spot gold rose $3.35 to $1,256.45 an ounce after rising as high as $1,259.80 on Tuesday, its strongest since June 28. Gold struck a record high around $1,264 in June.

“There’s a possibility that we’ll see gold breaching the $1,260 level,” said Ong Yi Ling, an investment analyst at Phillip Futures in Singapore.

“So I think really we are at the level where any economic news that comes out that is less than favorable will drive investors to seek out gold as a safe haven.”

U.S. gold futures for December delivery were barely changed at $1,258.4 an ounce, having hit a high of $1,261.60 on Tuesday.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, were unchanged at 1,294.442 tons, suggesting that investors held on to bullion because of the economic uncertainty.

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.

In global forex market, the dollar dropped to its latest 15-year low on the yen on Wednesday. – Stoxplus.com

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