Sep 21: Vietnam gold hanging over VND30Mln/Tael, Dollars flat

Local gold prices on September 21 hovered at around VND30.01 million/tael-VND30.07million/tael, mostly down VND20,000 as of last close as world gold price held steady. Dollar prices stayed flat in both official and unofficial markets.

Local gold prices on September 21 hovered at around VND30.01 million/tael-VND30.07million/tael, mostly down VND20,000 as of last close as world gold price held steady. Dollar prices stayed flat in both official and unofficial markets.

On Tuesday, Hanoi SJC’s bullion’s ask was listed at VND30.02million/tael and VND30.07 million/tael, respectively. Meanwhile, Ho Chi Minh’s SJC bullion was listed at VND30.01 million/tael and VND30.05 million/tael for bid and ask, respectively.

Sacombank-SBJ bullion in Ho Chi Minh was listed at VND30.01million/tael and VND30.05million/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 VND30.01 million/tael and VND30.07 million/tael for bid and ask prices, respectively.

Local trading was sluggish this morning in the absence of sellers.

In Asia trade this morning, spot gold was little changed at $1,278.65 an ounce, easing from the all-time high of $1,283.70 hit on Monday. U.S. gold futures for December delivery stood at $1,280.2.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 3.647 tons to a 2-month high of 1,304.472 tones on Sept 20.

Still, the longer-term prospects for gold remain bullish, given the uncertainties in the economic recovery, analysts and dealers said.

“Ultimately, the long term sentiment is bullish because there are uncertainties and people still prefer to keep gold as a hedge,” said a Singapore-based dealer. Bullion is unlikely to fall sharply in the absence of news on any significant improvement in the global economy.

“But if gold dips below $1,260, it might trigger some selling.”

In the local forex market, dollar prices held at both unofficial market and official market. Dollar prices at gold shops were quoted at VND19,510 and VND19,530 for bid and ask, respectively after rising VND10 yesterday. Meanwhile, Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500.

In global forex market, the dollar hovered near a five-week low against a basket of currencies on Tuesday with traders cautious ahead of the Fed meeting, lending support to the bullion. – Stoxplus.com

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