Jan 4: Vietnam gold rises to VND36.24Mln/tael after holiday

Local gold prices on January 4 soared to VND36.24million/tael, up nearly VND250,000 in the wake of the public holiday, the state-run online newspaper VnEcnonomy reported January 4. Meanwhile, dollar prices edged up to VND20,990 in the free market.

SJC in Hanoi was listed at VND36.16million/tael and VND36.24million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND36.16million/tael and VND36.22milllion/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND36.16million/tael and VND36.2million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND35.76million/tael and VND35.82million/tael for bid and ask, respectively.

In 2010, local gold prices soared VND9.4million/tael, or 35.2% to close over VND36 million a tael.

In Asian trade this morning, spot gold was little changed at $1,415.30 an ounce. U.S. gold futures lost half a percent to $1,416.3 an ounce.

Physical buying are expected to return in coming days, after the holiday break, which is seen supportive of gold prices, traders said.

“The market is very quiet. I’m slightly concerned about bond yields. If bond yields go up, it’s probably not good for gold,” said a Singapore-based trader.

In the global market, the dollar index edged higher, with the yen on the backfoot after upbeat data suggested the world’s largest economy will accelerate in 2011 following recent run of encouraging data.

“The dollar is a little bit stronger this morning. If it has any negative impact on gold, it’s only short-term. The market is still on positive side,” said Dick Poon, manager of precious metals at Hareaus in Hong Kong.

In 2011, the greenback is expected to continue to stay weaker in a low U.S. interest rate environment due to the Fed’s accommodative monetary policy, said McGhee.

In the local market, dollar prices were quoted at VND 20,940 and VND20,990 in the free market, near the threshold of VND21,000. 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