March 7: Vietnam gold falls, Dollar trading suspended

Local gold prices on March 7 fell over VND40,000 a tael despite global gold prices were steady, dollar rose over VND100.

As of 16:00 Hanoi time, Sacombank-SBJ gold as listed at VND37.64 million/tael and VND37.72 million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND37.63 million/tael and VND37.73 million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND37.65 million/tael and VND37.75 million/tael for bid and ask, respectively, meanwhile, SJC in HCMC was listed at VND37.65 million/tael and VND37.73 milllion/tael for bid and ask, respectively.

In Euro trade this afternoon, gold rose to near a record high on inflation worries triggered by rising oil prices.

Spot gold added $3.89 an ounce to $1,435.84 an ounce, within sight of a record high struck last week of $1,440.10 — the level which has become a key resistance.U.S. gold futures for April rose $7.5 an ounce to $1,436.1 an ounce.

Gold should push higher from its near-record levels due to its appeal as a safe haven, forecasters told the world’s largest mining conference on Sunday.

The physical market was muted, but dealers expected demand from top consumer India to pick up during the wedding season.

The high-demand wedding season is underway in India, but jewelers are probably waiting to see if prices decline, Ong said.

“I would think with prices so high, then the physical side wouldn’t be so strong. They will be waiting for prices, perhaps, to come down to about $1,400 level before they buy on dips,” said Ong of Phillip Futures.

In local money market, The dong was traded at 20,855 and 20,865 per dollar for bid and ask, respectively at Vietcombank; and 20,860 and 20,865 per dollar for bid and ask, respectively at BIDV

The domestic currency was traded at VND21,700 per dollar, compared with VND21,850 per dollar on Saturday in the black market though the dollar trading was closed at some key gold shops in Hanoi in an effort to stabilize local forex market. – Stoxplus.com

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