Oct 13: Vietnam gold rebounds to VND32.78Mln, Dollars ease

Local gold prices on October 13 regained VND300,000 to VND32.7million/tael and VND32.8million/tael for bid and ask, respectively, while dollar prices eased in the free market.

Local gold prices on October 13 regained VND300,000 to VND32.7million/tael and VND32.8million/tael for bid and ask, respectively, while dollar prices eased in the free market.

On Wednesday, Ho Chi Minh’s SJC bullion at 9:45 a.m was listed at VND32.68million/tael and VND32.78million/tael for bid and ask, respectively while Hanoi SJC was sold at VND32.72million/tael.

Samcombank-SBJ bullion in Ho Chi Minh at 9:17 a.m was sold at VND32.69million/tael after being adjusted many times this morning.

At 10 a.m, bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company were listed at VND32.64million/tael and VND32.78million/tael, respectively.

Buying interest remained tepid this morning as gold investors have been skeptical on gold price volatility. Bid and ask spread at gold shops were kept narrow from VND40,000/tael to VND100,000/tael.

In Asia trade this morning, spot gold rose 0.5% to $1,356.55 an ounce, regaining ground lost in the previous session. U.S. gold futures for December delivery gained 0.8% to $1,357.5.

Bullion has been trading in a narrow range of less than $20 this week, and is seen to be consolidating after a record-breaking rally took gold to an all-time high of $1,364.6 last week. Bullish sentiment is intact, traders and analysts said.

“The markets are buying on a dip, and pushing things higher. (For gold), $1,400 is probably on the radar for the next two to three months. No problem”, said Mark Pervan, senior commodities analyst at ANZ.

“There’s been a lot of positive sentiment run by the dollar weakness fuelled by the possibility of QE (quantitative easing),” he said, adding that the accommodating stance in the U.S. monetary policy would propel precious metals to new record highs.

In the global market, the dollar on Wednesday paused its rebound and edged lower against a basket of currencies. Meanwhile in the local forex market, dollar prices eased at unofficial market while stayed flat at official market.

Dollar bid and ask prices at gold shops edged down VND10-VND20 to VND19,810-VND19,840. Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500. – Stoxplus

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