Dec 20: gold eases to VND35.95Mln, Dollar up to VND21,200

Gold prices on December 20 morning eased to VND35.95million/tael after rebounding to VND36.03million in early trade while world gold prices rose more than half a percent. Meanwhile, dollar prices rebounded to VND21,200 in the free market .

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.85million/tael and VND35.95million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.85million/tael and VND35.94million/tael for bid and ask, respectively, down VND50,000 from early trade. Meanwhile, SJC in HCMC was listed at VND35.95million and VND35.92million/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.86million/tael and VND35.92million/tael for bid and ask, respectively.

Local trading remained thin as investors stayed on sidelines on price volatility.

In Asian trade this morning, spot gold added $10.90 an ounce to $1,383.90 an ounce in Asian trade, but it was still well below an historical high around $1,430 hit earlier this month.

U.S. gold futures rose $3.4 an ounce to at $1,382.6 an ounce. Bullion has risen as much as 30% this year.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose to 1,298.940 tons by Dec 17 from 1,283.757 tons on Dec 16. The holdings hit a record at 1,320.436 tons on June 29.

“Last week’s EU summit between policy makers did not address investor concerns aggressively enough and this was unable to really calm markets. Gold prices could be underpinned by persistent euro zone debt concerns,” said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

“Perhaps we could see a new high in gold prices in 2011. For this year, I think as we head towards the year-end, investors may unwind positions and trading volume is coming down.”

In the local market, dollar prices were quoted at VND21,110 and VND21,120 for bid and ask, respectively in the free market. 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