Sep 20: Vietnam gold eases toVND29.98 Mln, Dollars flat

Local gold prices on September 20 eased to VND29.90million/tael-VND29.98 million/tael, respectively after briefly topped VND3 million a teal late last week. Dollar prices stayed flat at the official market but rose to VND19,530 at the official market

Local gold prices on September 20 eased to VND29.90million/tael-VND29.98 million/tael, respectively after briefly topped VND3 million a teal late last week. Dollar prices stayed flat at the official market but rose VND10 to VND19,530 in the free market.

In Monday, Hanoi SJC’s bullion’s ask was listed at VND29.91 million/tael and VND29.97 million/tael at 9 a.m. Meanwhile, Ho Chi Minh’s SJC bullion was listed at VND29.90 million/tael and VND29.98 million/tael for bid and ask, respectively.

Sacombank-SBJ bullion in Ho Chi Minh was listed at VND29.93 million/tael and VND29.96 million/tael for bid and ask, respectively.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.90 million/tael and VND29.98 million/tael for bid and ask prices, respectively.

Local trading was lackluster this morning as investors see few speculative opportunities.

In Asia trade this morning, spot gold edged up 0.1 % to $1.277.6 an ounce, just below the all-time high of $1,282.75 hit on Friday.

Spot gold may retrace to $1,265 per ounce as a small five-wave cycle is seen over the Friday high of $1,282.75, according to Wang Tao, a Reuters market analyst.

U.S. gold futures for December delivery rose 0.1 % to $1,278.9 an ounce.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust rose 6.079 tons to 1,300.825 tons by Sept 17, the highest since the beginning of the month.

Weak data out of the U.S. on Friday helped push gold to a new all-time high. Underlying U.S. inflation pressures were muted in August and consumer morale hit a 13-month low this month, keeping alive fears of deflation and spurring bets on further monetary easing.

“For today at least, the market will continue to speculate on more quantitative easing ahead of the Federal Reserve meeting on Tuesday, which should provide some support to gold,” said Ong Yi Ling, an analyst at Philip Futures.

In the local forex market, dollar prices slightly rose at unofficial market while stay flat at official market. Dollar prices at gold shops were quoted at VND19,510 and VND19,530 for bid and ask, respectively, up VND10 as of last close. Meanwhile, Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500.

In global forex market, the dollar was parked at 85.70 yen on Monday, having spent Friday in a tight 85.57 to 85.92 range as the risk of further intervention by Tokyo kept investors away. – Stoxplus.com

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