Nov 26: Vietnam gold hovers at 35.85Mln, Dollar up

Vietnam gold prices on November 26 hovered at VND35.85million/tael as world gold prices was steady at $1,368.16, eyeing $1,400. Meanwhile, dollar prices edged up VND20 to VND21,320 in the free market.

Vietnam gold prices on November 26 hovered at VND35.85million/tael as world gold prices was steady at $1,368.16, eyeing $1,400. Meanwhile, dollar prices edged up VND20 to VND21,320 in the free market.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND35. 75million/tael and VND35.85million/tael, respectively.

Sacombank- SBJ in Ho Chi Minh was listed at VND35.76million/tael and VND35.81million/tael for bid and ask, respectively.

SJC was listed at VND35.75million/tael and VND35.84million/tael for bid and ask, respectively, upVND40,000 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.

The State Bank of Vietnam on November 24 granted gold additional import quota for 10 gold traders through the end of 2010 in a bid to cool domestic gold prices.

In Asian trade this morning, spot gold drifted 87 cents lower to $1,373.25 an ounce by 0347 GMT.

“The focus of the market is still Europe, as well as the development in Korea. Next week, gold is likely to be traded in the range of $1,340-$1,380,” said a Singapore based dealer.

Reuters said worries about the risk of an escalation of hostility between North and South Korea after an exchange of artillery fire earlier this week, and concerns about Ireland’s sovereign debt have lifted gold and the dollar, appealing to investor demand for security, unraveling gold’s more typical inverse relationship with the greenback.

In the global market, the greenback traded 0.2% higher versus the euro at $1.3330.

In the local market, dollar prices at gold shops edged up about VND21,220 to VND21,220 and VND21,320 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