Dec 24: Vietnam gold edges down toVND35.8Mln, Dollar down to VND21,060

Local gold prices on December 24 morning eased further to VND35.8million/tael, down VND40,000-VND60,000 from yesterday though world gold prices bounced from one-week low. Meanwhile, dollar prices edged down VND10 to VND21,060 in the free market .

SJC in Hanoi was listed at VND35.73million/tael and VND35.82million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.73million and VND35.8million/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.75million/tael and VND35.81million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.76million/tael and VND35.82million/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 rose $1.61 an ounce to $1,381.50 an ounce in Asian trade, having dropped to as low as $1,372.05 an ounce on Thursday as the euro rebounded. Gold was well below a historical high of around $1,430 hit earlier this month.

U.S. gold futures for February ended $6.90 an ounce at $1,380.5 an ounce on Thursday ahead of the long Christmas weekend in the United States.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings slipped 1,284.973 tons by Dec. 23 from 1,288.616 tons on Dec. 22.

There was hardly any trade in the physical market, with jewellers in Singapore, Hong Kong and Indonesia already shut for the Christmas break.

“Basically, there’s no physical trading, but people will still be cautious over tensions in Korea,” said a dealer in Singapore.

“I guess most people won’t turn short over the long weekend,” said the dealer, adding safe-haven buying related to the tensions in the peninsula could still stir up trade.

In the local market, dollar prices were quoted at VND21,040 and VND21,060 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