Dec 27: Vietnam gold edges down to VND35.82Mln, Dollar down to VND21,050

Local gold prices on December 27 morning eased further to VND35.82million/tael as world gold prices fell to a one-week low of $1,371.1 and dollar prices edged down to VND21,050 in the free market .

SJC in Hanoi was listed at VND35.76million/tael and VND35.85million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.76million and VND35.83million/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.8million/tael and VND35.83million/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 lackluster as investors stayed on sidelines, the state media reported, adding that thin trading is expected to hold on till the end of the year. Prices have mostly ranged from VND35.8million/tael and VND35.9million/tael for a week.

In Asian trade this morning, spot gold fell to a one-week low of $1,371.1, before recovering to $1,379.35 an ounce by 0148 GMT, down 0.4 percent from the previous close.

U.S. gold futures pulled back from a 0.4-percent decline to $1,379.9, little changed from the previous close.

“Earlier speculators were selling on China’s rate hike news, but a lot of buying has since emerged as speculators are buying on dip,” said a Tokyo-based dealer. Spot gold is technically neutral as it is rangebound between $1,360 and $1,392 per ounce, but the bias seems to be with the bulls, Reuters market analyst Wang Tao said.

“Gold is likely to be traded in the range of $1,360 to $1,390. In the medium-term, gold is still looking up,” Fung said. Thin trade at the year-end tends to exaggerate price moves, traders also said.

In the local market, dollar prices were quoted at VND21,030 and VND21,050 for bid and ask, respectively, down VND20-30 from Saturday morning in the free market. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively.

In the global market, the greenback edged up against a basket of currencies on Monday. – Stoxplus.com

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