Vietnam gold dips to VND29.21Mln-VND29.26 Mln, dollars hold

Local gold prices plunged on Friday to VND29.16million/tael – VND29.25 million/tael for bid and ask as world gold prices edged down, while dollar prices stayed flat at both unofficial and official markets.

Local gold prices plunged on Friday to VND29.16million/tael – VND29.25 million/tael for bid and ask as world gold prices edged down, while dollar prices stayed flat at both unofficial and official markets.

On Friday, Hanoi SJC’s bullion’s bid and ask slipped to VND29.21 million/tael-VND29.26 million/tael this morning, down VND190,000/tael yesterday.Meanwhile, Ho Chi Minh SJC’s bullion were listed at VND29.22million/tael and VND29.26 million/tael for bid and ask, respectively, down VND170,000/tael.

Sacombank-SBJ bullion was listed at VND29.23 million/tael and VND29.27 million/tael for bid and ask, respectively, down VND160,000/tael from last close.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.16 million/tael and VND29.25 million/tael for bid and ask prices, respectively, down VND200,000/tael as of last close.

Local gold trading activities remains lackluster as traders mostly stayed on the sidelines.

In Asia trade this morning, spot gold fell $3.17 an ounce to $1,245.10 an ounce, after falling as low as $1,242.20 on Thursday, partly driven by technical selling from recent highs. Bullion, which struck record around $1,264 in June, is headed for a weekly drop of 0.2 percent, its first in six weeks.

“The trend still remains for a stronger gold and it probably looks to test $1,275,” said Darren Heathcote, head of trading at Investec Australia in Sydney.

“But for the time being, there’s a bit of safe-haven unwinding going on overnight as risk is back on following stronger U.S. data.”

U.S. gold futures dropped $3.7 to $1,247.2 an ounce. The all-time high on the December futures chart sits at $1,270.60 per ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings slipped to 1,293.531 tons by Sept 9 from 1,294.442 tons by Sept 3. The holdings hit a record at 1,320.436 tons on June 29.

In the local forex market, dollar prices stayed flat at both unofficial market and official market. Dollar prices at gold shops were quoted at VND19,500 and VND19,520 for bid and ask, respectively, while Vietcombank’s dollar bid and ask were unchanged at VND 19,475 and VND 19,500.

In the global market, the dollar rose against major currencies on Friday, staging a rebound against the yen and the Swiss franc following a rise in U.S. bond yields. – Stoxplus.com

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