Gold heads to VND29Mln in Vietnam, Dollars stable

Gold prices rose VND170,000 August 25 morning in Vietnam, heading up to VND29 million a tael, while dollar was stable as world gold prices traded near the highest level in six weeks.

Gold prices rose VND170,000 August 25 morning in Vietnam, heading up to VND29 million a tael, while dollar was stable as world gold prices traded near the highest level in six weeks.

SJC bullion in Hanoi was quoted at VND28.76/tael and VND28.80 million/tael for bid and ask this morning, up VND140,000 from last close. Sai Gon SJC’s bullion’s bid and ask were quoted at VND 28.77 million and VND28.83million/tael, up VND210,000/tael.

Sacombank-SBJ bullion’s bid and ask were quoted at VND28.77 million and VND28.79million/tael, up VND190,000/tael. A tael is equal to 1.2 ounce.

Thang Long bullion gold, a product of Bao Tin Minh Chau at 10:30 a.m was listed at VND28.74 million and VND28.80 million/tael for bid and ask, up VND170,000/tael from last close.

Local gold trading on Wednesday morning was quieter as investors see few speculative opportunities.

In Asia trade, spot gold added $1.40 to $1,230.65 an ounce by 0324 GMT, having dropped to its weakest level in nearly two weeks around $1,210 on Tuesday before bouncing to more than $1,235 after sales of previously owned U.S. homes took a record plunge in July.

“Concerns that the global economic recovery is slowing will continue to support gold prices,” said Lee Suk Jin, a Seoul-based commodity analyst at Tongyang Securities Inc.

“It seems that we are still bound in a range trading. It’s just a normal market. Nothing special, but still there’s some demand here,” said Ellison Chu, manager of precious metals at Standard Bank Asia in Hong Kong.

U.S. gold futures for December delivery fell $1 to $1,232.4 an ounce after rising as high as $1,237.50 on Tuesday.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P), said its holdings slipped to 1,297.948 tonnes by August 24 from 1,299.468 tonnes on August 19. The holdings hit a record at 1,320.436 tonnes on June 29.

In the local forex market, dollar prices remain almost unchanged at both official and unofficial market.

Dollar prices in free market maintained at VND19,500 and VND19,520 for bid and ask while dollar prices were listed at VND19,475 and VND19,500, the ceiling rate for bid and ask at Vietcombank.

In global forex market , the dollar index, a six-currency gauge of the dollar’s value, climbed 0.2 percent today, also trading near its highest level in six weeks. – Stoxplus.com

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