Nov 25: Vietnam gold undercuts VND36Mln, Dollar up

Vietnam gold prices on November 25 broke down VND36 million/tael as world gold prices eased to $1,369.29. Meanwhile, dollar prices heated up to VND21,300 in the free market.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND35.87million/tael and VND36million/tael, respectively.

Sacombank- SBJ in Ho Chi Minh was listed at VND35.89million/tael and VND35.99million/tael for bid and ask, respectively.

SJC was listed at VND35.85million/tael and VND35.95million/tael for bid and ask, respectively, down VND20,000 from last close.

Local trading remained thin as investors stayed on the sidelines on price volatility. Sacombank-SBJ forecasted that demand for gold will likely calm down from now to the end of the year as the gold deposit interest rates fell to below 1% p.a. while the dong deposit interest rates surged.

In Asian trade this morning, spot gold eased $4.42 to $1,369.29 an ounce- well below a lifetime high around $1,424 struck in early November. It had hit an intraday low around $1,367 an ounce.

U.S. gold futures fell $4.5 to $1,368.5 an ounce.

“I would say sentiment is still bullish. The conflict between North and South Korea is not going be solved within a short period of time,” Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong was quoted by Reuters as saying.

“It will take a bit of time. There may be more buying at below $1,370.”

The gold market in India, top consumer of the metal, is still in the midst of its busy season after the Dhanteras and Diwali festivals earlier this month as many weddings are to take place till December, spurring at least some demand for the metal that plays an important role in social functions.

In the local market, dollar prices at gold shops edged up about VND100,000 to VND21,220 and VND21,300 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