Jan 12: Vietnam gold edges up to VND35.89Mln/tael

Local gold prices on January 12 morning rose for a second day to VND35.89million/tael , up over VND110,000 from yesterday close as the global gold prices increased further to settle above $1,384.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.79million/tael and VND35.89million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.79billion/tael and VND35.87million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.79million/tael and VND35.85milllion/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.82million/tael and VND35.86million/tael for bid and ask, respectively.

Buying appetite was stronger in the run-up to the Lunar New Year, said local gold traders.

In New York trade last night, gold prices rose for a second day to settle above $1,384 Tuesday as deepening worries over the severity of the European debt crisis prompted safe-haven buying.

Spot gold was last near $1,382 an ounce. U.S. gold futures for February delivery settled up $10.20 to end at $1,284.30 an ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings rose for the first time since mid-December to 1,272.682 tons by Jan. 10.

Japan promised to buy euro zone bonds this month, a day after China renewed its commitment to buy Spanish debt, highlighting Europe’s ongoing struggle with a seething debt crisis.

“The market is able to rally, despite the fact the euro is still weak, and that is evidence that the safe-haven demand for gold has eclipsed the weakness in the euro, because they’ve both reacted to the sovereign debt crisis,” said James Steel, chief commodity analyst at HSBC.

China’s inflation raced to a 28-month high of 5.1% in November, and it’s not clear whether policy steps the government is taking will calm prices, benefiting gold. – Stoxplus.com

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