Sep 27: Vietnam gold continues to set fresh high, Dollars flat

Local gold prices continued to climb to the fresh all-time high at VND30.87million/tael, extending its rising momentum to the sixth consecutive day on September 27, while dollar prices stayed flat in both official and unofficial market.

On Monday, Ho Chi Minh’s SJC bullion at 02:30 p.m was listed at VND30.79 million/tael and VND30.85 million/tael for bid and ask, respectively. Meanwhile, Hanoi SJC’s bullion’s bid and ask were listed at VND30.79 million/tael and VND30.87 million/tael, respectively.

Sacombank-SBJ bullion in Ho Chi Minh at 11a.m was listed at VND30.64million/tael and VND30.68million/tael for bid and ask, respectively.

Ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, was listed at VND30.72 million/tael for bid and ask prices, respectively.

Local trading remains sluggish this morning as investors stayed on the sidelines.

In Asia trade this morning, spot gold added 80 cents to $1,296.40 an ounce after hitting a record at $1,299.95 on Friday on a weaker dollar and economic uncertainty after the Federal Reserve raised expectations of new measures to stimulate growth.

“I think gold actually will make a second attempt to breach this $1,300 level. This level is really a key technical and psychological barrier for gold that will be cautiously watched by gold investors,” said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

“With gold at record high prices, investors are rediscovering silver also as a safe haven. For me, in order for silver to continue to rally, gold prices have to actually hold firm.”

U.S. gold futures for December delivery was hardly changed at $1,297.8 an ounce, having struck an all time high at $1,301.60 on Friday.

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 on Monday. Meanwhile, Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500.

In global forex market, the dollar hovered near five-month lows on the euro on Monday after falling sharply last week on stronger-than-expected data in Europe and speculation the Fed may yet turn to more quantitative easing to support the economy. – Stoxplus.com

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