Vietnam gold hovers at VND29.2Mln-VND29.25Mln, Dollars flat

Local gold price hovered at around VND29.2 million/a tael and VND29.25 million/tael for bid and ask on September 6 while dollar prices stay flat at local banks. However, world gold price sled as U.S stock market firmed on optimistic economy outlook.

Local gold price hovered at around VND29.2 million/a tael and VND29.25 million/tael for bid and ask on September 6 while dollar prices stay flat at local banks. However, world gold price sled as U.S stock market firmed on optimistic economy outlook.

On Monday, Hanoi SJC’s bullion’s bid and ask were listed at VND 29.1 million and VND29.3 million/tael this morning. Meanwhile, Ho Chi Minh’s SJC bullion was listed at VND29.18 million and VND29.26 million/teal.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.18 million/tael and VND29.24 million/ tael for bid and ask prices, respectively, down VND10,000 from last close.

Local gold trading was sluggish as the buying interest and supply pressure were both weak during the 4-day national holiday.

In Asia trade this morning, spot gold eased 14 cents to $1,247.90 an ounce, having fallen as low as $1,235.70 on Friday on a U.S. labor market report that was much less weak than feared. Gold struck a lifetime high around $1,264 an ounce in late June.

“I am actually just expecting gold to trade between $1,240 and $1,250 region. It’s just a bit of a range bound between these two levels,” said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

“I would still expect gold to be supported as it was able to rebound quite sharply from its session low about $1,235 all the way to $1,245 level. The ISM non-manufacturing data was actually not as good.”

U.S. gold futures for December delivery fell $1.9 to $1,249.2 an ounce.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings slipped to 1,294.442 tons by Sept 3 from 1,294.908 tons on Sept 2. The holdings surged to a record 1,320.436 tons on June 29.

In the local forex market, dollar prices edged up at unofficial market while held at official market.

Dollar prices at gold shops were quoted at VND19,500 and VND19,520 for bid and ask, respectively, up VND10 in the wake of the national holiday while Vietcombank’s dollar bid and ask were listed unchanged at VND 19,480 and VND 19,500.

In global forex market, the dollar was on the defensive on Monday after firm U.S. payrolls data last week eased market anxiety over chances of a double-dip recession and boosted demand for the euro and growth-leveraged currencies. – Stoxplus.com

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