Sep 28: Vietnam gold turns round, Dollars flat

Local gold prices on Tuesday eased to VND30.74million/tael after soaring to all-time high of VND30.9million/tael yesterday, ending its rising momentum for six consecutive days, while dollar prices stayed flat in both official and unofficial market.

Local gold prices on September 28 eased to VND30.74million/tael after soaring to all-time high of VND30.9million/tael yesterday, ending its rising momentum for six consecutive days, while dollar prices stayed flat in both official and unofficial market.

On Tuesday, SJC bullion at 09 a.m was listed at VND30.68 million/tael and VND30.72million/tael for bid and ask, respectively.

Sacombank-SBJ bullion in Ho Chi Minh was listed at VND30.67million/tael and VND30.72million/tael for bid and ask, respectively.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company at 10 a.m were listed at VND30.67 million/tael and VND30.74 million/tael, respectively, down VND150,000 from the peak yesterday .

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

In Asia trade this morning, spot gold fell $2.70 an ounce to $1,293.35 an ounce by 0239 GMT, having struck a record on concerns over a global economic recovery and a weaker dollar. Gold has gained as much as 18.5% this year.

“At the moment, we’re seeing some heavy resistance selling at $1,300, and that’s creating some downward pressure,” said Mark Pervan, senior commodities analyst at ANZ in Melbourne.

“If it breaks through and closes above $1,300, we expect it to get to $1,320 within a week and we’ll get there very quickly,” said Pervan, adding that gold would also closely watch a series of economic data from the United States this week.

U.S. gold futures for December delivery dropped $4.1 an ounce to $1,294.5 an ounce. The contract high was below the record at $1,301.60 set 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 found support on suggestions Japan’s central bank might act to ease monetary policy and push down the yen.

The dollar was trading at 84.20 yen, little changed from the New York close but up from levels around 84.11 yen-its weakest point since the intervention. – Stoxplus.com

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