Nov 2: Vietnam gold rebounds to lifetime high of VND33.6Mln, Dollar up

Vietnam gold on November 2 rebounded to the all-time high of VND33.6million/tael after an ease back to VND33.46million/tael this morning, while dollar prices extended its rising momentum for its 6 consecutive days to VND20,820 on the black market.

Vietnam gold on November 2 rebounded to the all-time high of VND33.6million/tael after an ease back to VND33.46million/tael this morning, while dollar prices extended its rising momentum for its 6 consecutive days to VND20,820 on the black market.

Local gold shops adjusted local gold prices many times on the day. Currently, gold prices were VND70,000 –VND100,000 higher than last close and VND220,000 higher than early trade this morning.

At 4 p.m., Samcombank – SBJ was listed at VND33.56million/tael and VND33.62million/tael for bid and ask, respectively.

SJC was listed at VND33.60million/tael and VND33.68million/tael for bid and ask, respectively.

In European trade this afternoon, spot gold was bid at $1,357.95 an ounce, against $1,350.25 late in New York on Monday. U.S. gold futures for December delivery rose $7.40 an ounce to $1,358.00.

Gold typically benefits from a softer dollar, which boost’s the precious metal’s appeal as an alternative asset.

All eyes are now on the Fed, with the scope and timing of easing measures set to have a major impact on the financial markets.

Gold has benefited from expectations fresh easing could pressure the dollar and ultimately prove inflationary. If the Fed’s purchase is smaller than $500 billion, the dollar could see a relief rally, which would put gold under pressure, analysts said.

In the global market, the dollar weakened 0.5% against a basket of currencies, under pressure from uncertainty ahead of the Fed, while the Australian dollar leapt after Australia’s central bank surprised with a rate hike.

Dollar prices at gold shops were quoted at VND20,720 and VND20,820 for bid and ask, respectively, representing corresponding increases of VND250 and VND310 from Monday morning. The dollar has risen by 6.8% since the State Bank of Vietnam (SBV) devalued the dong by 2.09% on August 18.

Meanwhile, those at Vietcombank were steady at VND19,490 and VND19,500 for bid and ask, respectively. – Stoxplus.com

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