Jan 6: Vietnam gold edges up to VND35.86Mln/tael , Dollar up

Local gold prices on January 6 edged up VND50,000-VND60,000 to VND35.86million/tael after plunging VND400,000 yesterday. Meanwhile, dollar prices increased further to VND21,070 in the free market.

SJC in Hanoi was listed at VND35.75million/tael and VND35.84million/tael for bid and ask, respectively. Meanwhile, SJC in HCMC was listed at VND35.75million/tael and VND35.82milllion/tael for bid and ask, respectively.

Sacombank-SBJ in Ho Chi Minh was listed at VND35.78million/tael and VND35.8million/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.

Local trading remained thin in the run-up to the Lunar New Year, said Sacombank’s gold trader, yet adding that buying appetite is firmer.

In Asian trade this morning, spot gold edged lower on Thursday, under pressure from a stronger dollar and thinning safe-haven demand following optimistic U.S. private payroll data, but robust physical buying limited losses. U.S. gold futures gained 0.2% to $1,376.2.

“Recent U.S. data has been very positive, weighing on gold prices,” said Hou Xinqiang, an analyst at Jinrui Futures in China.

“In addition, there hasn’t been any new momentum pushing gold above the record level. If we don’t see any drastically bad news on the macroeconomic front, gold’s performance might be lackluster in the short term.”

“If the payrolls data meets or exceeds expectations, it will have some pressure on gold in the short term. But this year gold is still on uptrend,” said the dealer, adding that gold is likely to consolidate in the range of $1,360 to $1,380.

Spot gold lost 0.1% to $1,375.8 an ounce by 0327 GMT, after falling to a three-week low of $1,363.8 in the previous session.

In the global market, the greenback was steady on Thursday, maintaining overnight gains, and could strengthen more after strong private employment data lifted expectations for Friday’s U.S. payrolls number.

In the local market, dollar prices were quoted at VND21,020 and VND21,070 for bid and ask, respectively, representing corresponding increases of VND50 and VND60. Meanwhile, those at Vietcombank were capped at VND19,495 and VND19,500 for bid and ask, respectively. – Stoxplus.com

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