Vietnam gold edges up to 28.75 mil/tael, Dollar stable

Local gold prices edged up VND5,000 to VND28.69 million – VND28.75 million/tael on August 23, while dollar prices remain stable at both official and unofficial market as world gold prices ticks up on US economy worries.

Local gold prices edged up VND5,000 to VND28.69 million – VND28.75 million/tael on August 23, while dollar prices remain stable at both official and unofficial market as world gold prices ticks up on US economy worries.

SJC in Hanoi was listed at VND28.68/tael and VND28.75 million for bid and ask this morning, up VND5,000/tael from last close. SJC’s bullion’s bid and ask in Ho Chi Minh were listed at VND 28.63 million and VND28.73million/tael.

SBJ bullion’s bid and ask this morning were listed at VND28.65 million and VND28.69million/tael. A tael is equal to 1.2 ounce.

Thang Long bullion gold, a product of Bao Tin Minh Chau was listed at VND28.65 million and VND28.73 million/tael, up VND5,00 from last close.

The higher prices fluctuation boosted up trading activities as traders jumped in to take some profit.

In Asia trade, spot gold added $1.65 to $1,228.60 an ounce, having hit an intraday high of $1,229.65. Bullion had rallied to $1,237.15 last Thursday, its strongest since early July, after new U.S. jobless claims hit a nine-month high.

“I would still be thinking that investment is pretty positive for gold, especially if worries about the economic recovery continue,” said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

“If we can see a base forming at the $1,220 level, then I think gold will be well-poised to continue its upward trend. A low interest rate environment will continue to benefit gold,” said Ong, referring to the Federal Reserve’s pledge to keep short-term interest rates near zero.

U.S. gold futures for December delivery rose $1.3 to $1,230.1 an ounce after settling $6.60 lower on Friday.

Cash gold and U.S. futures powered to a lifetime high in June on worries the euro debt crisis and the U.S. economy was slowing, but attempts to revisit this year’s peak were met by profit taking.

In the local forex market, dollar prices remain almost unchanged at both official and unofficial market.

Dollar prices in free market were mostly listed at VND19,480 and VND19,490 for bid and ask, respectively, down VND20 to VND30 from Saturday.

Dollar’s bid and ask at local banks remained stable after soaring the new level after the central bank’s move last week. Dollar prices were listed at VND19,465 and VND19,480 for bid and ask at Vietcombank. Eximbank and ACB still sell dollars at the cap of VND 19,500.

In global forex market , dollar fell 0.3 % to 85.35 yen, within striking distance of 84.72 yen hit earlier this month, its lowest since July 1995.

The greenback has been soft against the Japanese currency, partly due to a sharp fall in U.S. treasury yields on the back of persistent fears a U.S. economic recovery is losing its momentum. – Stoxplus.com

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