Dec 17: gold eases further to VND35.85mln, Dollar rebounds to VND21,180

Gold prices on December 17 morning eased further to VND35.85million/tael while world gold prices edged higher in thin pre-holiday trade. Meanwhile, dollar prices rebounded to VND21,180 in the free market .

Gold prices on December 17 morning eased further to VND35.85million/tael while world gold prices edged higher in thin pre-holiday trade. Meanwhile, dollar prices rebounded to VND21,180 in the free market .

At 9 a.m., bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.79million/tael and VND35.89million/tael for bid and ask, respectively.

SJC was listed at VND35.77million/tael and VND35.87million/tael for bid and ask, respectively, down.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.79million/tael and VND35.85million/tael for bid and ask, respectively.

Gold prices moved within a narrow range from from VND35.75million/tael to VND35.95million/tael, in which mostly hovered at VND35.9million, the state media reported.

Local trading remained thin as investors stayed on sidelines on price volativity. Gold prices have moved within a broad range from VND34.5million/tael to VND36.7million, which mainly attribute to the fluctuations of dollar prices in the free market and world gold prices, the state media reported.

In Asian trade this morning, spot gold gained 0.4% to $1,375.99 an ounce, bouncing from the three-week low of $1,361.35 hit in the previous session. The metal was bound for a second straight week of losses.

U.S. gold futures also rose by 0.4% to $1,377.1.

Holdings in the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell to a two-month low of 1,283.757 tones by Dec 16.

“Ultimately it still depends on the overall market backdrop,” said Yingxi Yu, an analyst at Barclays Capital. “We still see the macro environment as pretty supportive for investment interest in precious metals, especially in gold.”

The combination of concerns on how Europe’s sovereign debt crisis would evolve, and inflation worries down the road, is expected to continue to support gold prices, Yu added.

In the global market, the greenback lost nearly half a percent against a basket of currencies after oversold U.S. Treasuries gained a bit of ground, while the euro showed some resilience after bouncing off trading-range support.

In the local market, dollar prices were quoted at VND21,130 and VND21,180 for bid and ask, respectively in the free market, up VND130 from yesterday morning. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively. – Stoxplus.com

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