Dec14: Vietnam gold hits one-week high at VND36.39Mln, Dollar holds

Gold prices on December 14 morning soared to VND36.39million/tael, the one-week high, as world gold prices breached above $1,400 an ounce for the first time in a week. Meanwhile, dollar prices held steady at VND21,250 in the free market.

Gold prices on December 14 morning soared to VND36.39million/tael, the one-week high, as world gold prices breached above $1,400 an ounce for the first time in a week. Meanwhile, dollar prices held steady at VND21,250 in the free market.

SJC was listed at VND36.3million/tael and VND36.38million/tael for bid and ask, respectively, up VND260,000 from last close and VND70,000 from early trade.

Sacombank-SBJ was listed at VND36.31million/tael and VND36.39million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.3million/tael and VND36.4million/tael for bid and ask, respectively.

Local prices are now nearly VND500,000 higher than those last week, the state media reported, adding that trading of gold has heated up with more buying appetite.

In Asian trade this morning, spot gold rose to a one-week high of $1,402.31 an ounce, up 0.7 percent from the previous close. U.S. gold futures gained 0.4 percent to $1,404.2 an ounce.

“Gold is following up momentum with the selling in dollar towards the year end,” said a Singapore-based trader. “We are resuming the uptrend, and there are not many down days to be expected.”

Investors are watching the Federal Reserve meeting later today, as well as for signals on monetary policy moves in China, to gauge the health of the world’s top two economies.

Traders cited buying from Chinese banks behind the strength in the bullion, but said the volume was very light as most funds and traders avoid risks towards the year end.

In the global market, the greenback remained weak after slumping on Monday as U.S. deficit concerns resurfaced, while the euro hovered near three-week highs against the dollar.

In the local market, dollar prices were quoted at VND21,150 and VND21,250 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