Nov 22: Vietnam gold soars to VND35.8 Mln, Dollar flat

Vietnam gold prices soared VND200,000 from last Saturday morning to VND35.8million/tael on November22 morning as world gold prices added $6.6 to $1,360.75 . Meanwhile, dollar prices stayed flat at VND21,200 in the free market.

Vietnam gold prices soared VND200,000 from last Saturday morning to VND35.8million/tael on November22 morning as world gold prices added $6.6 to $1,360.75 . Meanwhile, dollar prices stayed flat at VND21,200 in the free market.

At 9: 45 a.m., Phu Quy SJC in Hanoi was listed at VND35.71million/tael and VND35.8million/tael for bid and ask, respectively.

At 11 a.m., Sacombank- SBJ in Ho Chi Minh was listed at VND35.64million/tael and VND35.57million/tael for bid and ask, respectively.

SJC was listed at VND35.63million/tael and VND35.72million/tael for bid and ask, respectively, up VND150,000 from last weekend.

Local trading remained lackluster and liquidity was said to stay low.

In Asian trade this morning, spot gold added $6.60 an ounce to $1,360.75 an ounce by 0244 GMT, still well below a lifetime high around $1,424 an ounce struck in early November.

U.S. gold futures for December delivery rose $7.7 to $1,360 an ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose to 1,289.336 tons by Nov 19 from 1,286.299 tons on Nov 18. The holdings hit a record at 1,320.436 tons on June 29.

“Gold has dropped from $1,400 and it seems there’s buying interest around at these levels,” Reuters quoted Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong as saying.

“Asian people are still happy to buy gold. For the time being, gold is neutral, trading on either side,” said Leung, adding that gold could be under pressure if China did raise interest rates.

In the local market, dollar prices at gold shops were quoted at VND21,050 and VND21,200 for bid and ask, respectively. 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