Dec 21: Vietnam gold eases toVND35.85Mln as Dollar retreats to VND21,100

Local gold prices on December 21 morning eased further to VND35.85million/tael while world gold prices firmed as dollar prices retreated VND100 to VND21,100 in the free market .

Local gold prices on December 21morning eased further to VND35.85million/tael while world gold prices firmed as dollar prices retreated VND100 to VND21,100 in the free market .

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.8million/tael and VND35.9million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.79million/tael and VND35.87million/tael for bid and ask, respectively, down VND50,000 from last close. Meanwhile, SJC in HCMC was listed at VND35.79million and VND35.85million/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.81million/tael and VND35.89million/tael for bid and ask, respectively.

Local trading remained thin as investors stayed on sidelines on price volatility. Prices have mostly ranged from VND35.7million/tael and VND36.7million/tael for a month.

In Asian trade this morning, spot gold added $1.70 an ounce to $1,386.60 an ounce by 0320 GMT in a thin trade, which means that prices are prone to sharp movements. Gold was well below a historical high of around $1,430 hit earlier this month. U.S. gold futures rose $1.3 to $1,387.4 an ounce.

Gold, which has gained by almost 30 percent this year, is on track for a fifth successive month of gains.

Greater inflows into bullion-backed, exchange-traded funds and increased open interest in U.S. futures have helped fuel gold’s price rise this month.

“The volume is light, so a little of buying will push up gold. There’s not too much sale of scrap at these levels. Next year will be a good year again for gold,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

“There are (ratings) downgrades in Europe, almost every day.”

In the local market, dollar prices were quoted at VND21,020 and VND21,100 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. – Stoxpplus.com

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