Feb 22: Vietnam gold soars to VND38.3Mln/tael, Dollar flat

Local gold prices on February 22 surged VND400,000 to VND38.3million/tael as global gold extended gains to above $1,400 an ounce . Meanwhile, dollar prices stayed flat at VND22,050 and VND 22,150 for bid and ask, respectively.

Sacombank-SBJ gold as listed at VND38.11million/tael and VND38.24million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND38.1million/tael and VND38.35 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND38.1million/tael and VND38.22million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND38.1million/tael and VND38.2milllion/tael for bid and ask, respectively.

In Asian trade this morning, gold extended gains and rose to its highest in seven weeks on Monday as growing unrest in the Middle East and rising oil prices underpinned sentiment, lifting silver to its strongest level since 1980.

Spot gold $3.75 to $1,409.70 an ounce by 0052 GMT as protests that have unseated leaders in Egypt and Tunisia spread to neighboring states, threatening the grip of long-entrenched autocratic leaders elsewhere.

Libyan leader Muammar Gaddafi appeared on state television on Tuesday and signaled his defiance over a mounting revolt against his 41-year rule.

U.S. gold futures for April rose $21.7 to $1,410.3 an ounce. Silver jumped to its highest since 1980 above $34 an ounce.

The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust said holdings fell to 1,223.098 tons by Feb. 20, its lowest in nine months, from 1,224.008 tons on Feb. 15.

“With the unrest in the Middle East and North Africa, dealers couldn’t leave for a long weekend with short positions, and this reflects investor sentiment for a flight to safety,” said Yuichi Ikemizu, Tokyo branch manager for Standard Bank, adding that gold prices were likely to keep inching higher.

In local market, dollar prices are quoted at VND22,050 and VND 22,150 for bid and ask, respectively in the free market, while those at Vietcombank are quoted at VND20,785 and VND20,885 for bid and ask, respectively.

The SBV today weakened the reference rate midpoint to VND20,678 from VND20,673 yesterday, pulling the domestic currency down the first time after extending gains for 10 straight days. – Stoxplus.com

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