Oct 15: Vietnam gold eases to VND33.1Mln after all-time high, Dollar stable

Vietnam’s gold prices on Friday morning paused at around VND33.1million/tael from all time peak of VND33.3million/tael yesterday as local investors took profit while local dollar prices maintain steady.

Vietnam’s gold prices on Friday morning paused at around VND33.1million/tael from all time peak of VND33.3million/tael yesterday as local investors took profit while local dollar prices maintain steady at both official and unofficial market after dollar fell to 2010 low against a basket of currencies.

At 8:56 a.m, Ho Chi Minh’s SJC bullion was listed at VND33.05million/tael and VND33.11million/tael for bid and ask, respectively. Meanwhile, Hanoi’s SJC gold’s bid and ask were listed at VND33.03million/tael and VND33.13million/tael, respectively.

Sacombank-SBJ bid and ask were listed at VND33.04million/tael and VND33.08million/tael, repectively.

At 10:15 a.m, Thang Long bullion, a product of Bao Tin Minh Chau was listed at VND33.03million/tael and VND33.13 million/tael for bid and ask, respectively.

Local gold market saw thin trade this morning as investors stayed on sidelines after gold prices kept breaking records.

In Asia trade this morning, spot gold gained 0.2% to $1,379.25 an ounce, on course for a 2.5% gain from a week earlier and a fifth consecutive week of gains.

Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, gained 1.5% from the previous day to 1,304.342 tons, regaining nearly all the outflow from the fund this month.

A fresh batch of U.S. economic data, including inflation and retail sales, is due later in the day, after worse-than-expected weekly jobless claims numbers on Thursday helped propel gold to a new record high.

“Gold has had a very strong rise, which obviously is encouraging to people to get on board. People are happy to stay invested and to go even longer,” said Darren Heathcote, head of trading at Investec Australia.

In the local forex market, dollar prices stayed flat at both official and unofficial market.

Dollar prices at the gold shops this morning were quoted at VND19,810-VND19,840 for bid and ask, respectively. Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500.

In Asia market, the dollar edged higher on Friday, pulling away from a 10-month low hit against a basket of currencies the previous day as investors trimmed short positions in the greenback following its recent slide. – Stoxplus.com

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