Dec 6: gold edges up to VND36.6Mln, Dollar flat

Gold prices on December 6 edged up to VND36. 6 million/tael, up VND30,000 from yesterday close although the world gold prices declined. Meanwhile, dollar prices stayed flat at VND21,360 in the free market.

Gold prices on December 6 edged up to VND36. 6 million/tael, up VND30,000 from yesterday close although the world gold prices declined. Meanwhile, dollar prices stayed flat at VND21,360 in the free market.

At 11 p.m., SJC was listed at VND36.55million/tael and VND36.63million/tael for bid and ask, respectively.

Sacombank-SBJ was listed at VND36.56million/tael and VND36.62million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.55million/tael and VND36.65million/tael for bid and ask, respectively.

Local gold prices fluctuated from VND36.5million/tael to VND36.7million/tael last weekend though the global gold market closed, the state media reported, citing that gold prices surged VND500,000 after global ones rose 2.1% to top $1,400/ounce.

Some people started getting on board when signs of heating-up gold prices were seen, said gold traders.

In Asian trade this morning, spot gold fell $2.45 an ounce to $1,411.90 in Asian trade after rising as high as $1,415.36 on Friday as the dollar tumbled following disappointing jobs data in November. U.S. gold futures for February rose $7.1 an ounce to at $1,413.35 an ounce.

Bullion hit a record high around $1,424 an ounce in November.

Cash gold may rise further towards $1,435 an ounce as a new labeling of its wave pattern suggests a potential extension of the current rally, according to Wang Tao, who is a Reuters market analyst for commodities and energy technicals.

“Looking at the relatively strong rise in gold following the numbers on Friday, the market seems to be taking a bit of a breather,” said Darren Heathcote, head of trading at Investec Australia in Sydney.

“We might well drift through for a short time.”

In the local market, prices of the greenback at gold shops were quoted at VND21.280 and VND21,360. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively.

In the global market, the greenback was on the defensive on Monday after the U.S. Federal Reserve said it was open to injecting more funds into the economy, while investors took a breather after having pushed Asian stocks to three-week highs. – Stoxplus.com

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