Vietnam gold eases to VND32.6Mln, Dollars stable

Local gold prices on October 12 corrected to VND32.5million/tael-VND32.6million/tael on lower global gold prices, while dollar prices held at both official and unofficial market.

Local gold prices on October 12 corrected to VND32.5million/tael-VND32.6million/tael on lower global gold prices, while dollar prices held at both official and unofficial market.

Ho Chi Minh’s SJC bullion at 10:34 a.m. was listed at VND32.53million/tael and VND32.58million/tael for bid and ask, respectively, while Hanoi’s SJC was sold at VND32.6million/tael.

Samcombank-SBJ bullion at 10 a.m was listed at VND32.53million/tael and VND32.57million/tael, down VND20,000 from yesterday.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company were listed at VND32.5million/tael and VND32.6 million/tael, respectively.

Local trading this morning remained lackluster as investors remained skeptical on gold price volatility.

In Asia trade this morning, spot gold was trading at $1,350.85 an ounce, down 0.2% from the previous close, pressured by a rebound in the dollar, and gold might enter a phase of consolidation after record-breaking rally.

U.S. gold futures also fell 0.2%, to $1,352. Holdings in the SPDR Gold Trust declined for a third consecutive session to 1,287.327 tons by Oct. 11.

Spot gold is expected to return to the Oct. 8 low of $1,324.85 per ounce, as it could be range-bound between $1,234.85 and $1,364.60 for a few trading sessions, said Wang Tao, a Reuters market analyst.

“So long as we continue to see disappointing data, which points to a feeble economic recovery, the strength in gold will remain.”

Meanwhile, dollar prices in the local forex market held at both unofficial and official market.

Dollar bid and ask prices at gold shops stood at VND19,810-VND19,860 after a corresponding increase of VND40-VND20 from weekend. Vietcombank’s dollar bid and ask were unchanged at VND19,475 and VND19,500.

In the global market, the dollar held gains on Tuesday, after rallying against the euro and yen on Monday when investors bet the greenback’s recent decline was too far and too fast. – Stoxplus.com

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