Jan 18: Vietnam gold hovers at VND35.58Mln/tael

Local gold prices on January 18 morning hovered at VND35.58-35.60million/tael as global gold prices held steady.

At 9 a.m., Sacombank-SBJ in Ho Chi Minh was listed at VND35.54million/tael and VND35.6million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.53million/tael and VND35.62million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND35.52million/tael and VND35.6million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.52million/tael and VND35.58milllion/tael for bid and ask, respectively.

In Asian trade this morning, spot gold held steady on Tuesday, retaining small gains from the previous session, as investors watched for the latest news on the euro zone’s solutions to its debt crisis, as strength in the dollar weighed.

Spot gold was little changed at $1,361.85 an ounce by 0007 GMT. U.S. gold futures were steady at $1,361.5.

Euro zone finance ministers discussed on Monday ways to have more money in their rescue fund and cheaper emergency loans as part of a package of steps to end the sovereign debt crisis, but they made no firm decisions.

Investors are expected to shift their focus from gold to industrial commodities and oil, Goldman Sachs’ global head of commodities research said on Monday.

Gold is set to rise this year, but may struggle to replicate last year’s stellar performance as the euro zone debt crisis recedes and authorities around the world start to look towards tightening monetary policy, said Tom Kendall, an analyst at Credit Suisse.

The euro stayed on the backfoot early in Asia on Tuesday, having fallen across the board as uncertainty grew over whether officials would agree to beef up a euro zone safety fund this week, putting the currency on shaky ground again.- Stoxplus.com

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