Oct 28: Vietnam gold eases to VND32.8Mln, Dollar up to VND20,250

Local gold prices on October 28 eased to VND32.85 million/tael and VND32.92million/tael for bid and ask, respectively, down VND30,000 from last close. Meanwhile, dollar prices hit all-time high of VND20,250 in the free market.

Local gold prices on October 28 eased to VND32.85 million/tael and VND32.92million/tael for bid and ask, respectively, down VND30,000 from last close. Meanwhile, dollar prices hit all-time high of VND20,250 in the free market.

Samcombank-SBJ bullion in Ho Chi Minh at 9:10 a.m. was listed at VND32.8million/tael and VND32.83million/tael for bid and ask, respectively.

Sai Gon SJC’s bid and ask were listed at VND32.77million/tael and VND32.84million/tael, respectively, down VND80,000 from last close.

Thang Long bullion gold, a product of Bao Tin Minh Chau was listed at VND32.83million/tael and VND32.92million/tael.

Local physical gold trading remained sluggish as local investors are staying on the sidelines.

Local gold prices are hovering near the psychologically important threshold of VND33million/tael, said gold traders, pressing that gold remained an attractive investment channel compared to others as local gold prices have surged VND6million/tael (24%) from VND26.7million in early 2010.

In Asia trade this morning, spot gold edged up 0.2 % to $1,326.84 an ounce, reversing losses in the previous session. U.S. gold futures rose 0.4 % to $1,327.5 an ounce.

“Gold prices are likely to be rangebound in the short term, as investors wait for the Fed’s decision next week. We’ve seen different opinions on what the Fed would do and how the dollar would move,” said Zhu Yilin, general manager of the research and development department of Jingyi Futures in Shanghai.

The range would be between $1,300 to $1,350, Zhu added.

In the local forex market, dollar bid and ask prices at gold shops advanced to the fresh lifetime high of VND20,220 and VND20,250, representing responsive increases of VND70 and VND60 from last close. Vietcombank’s dollar bid and ask were unchanged at VND19,490 and VND19,500, respectively

In the global forex market, dollar/yen dipped 0.2 % on the day to 81.62 yen, but it was still more than a full yen above Monday’s 15-year low of 80.41 yen.

A short-covering bounce in the dollar paused on Thursday, but traders said a rise in U.S. Treasury yields could prompt more buybacks in the greenback before the Federal Reserve’s policy meeting next week. – Stoxplus.com

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