Vietnam gold hovers at VND29.30 Mln, Dollars stable

Local gold prices on Monday hovered at VND29.21million/tael – VND29.30 million/tael for bid and ask as world gold prices steadied. Meanwhile, dollar prices maintained stable at both unofficial and official markets.

Local gold prices on Monday hovered at VND29.21million/tael – VND29.30 million/tael for bid and ask as world gold prices steadied. Meanwhile, dollar prices maintained stable at both unofficial and official markets.

On Monday, Hanoi SJC bullion’s bid and ask were listed at VND29.24 million/tael-VND29.30 million/tael this morning, unchanged from last close. Ho Chi Minh SJC’s bullion were listed at VND29.24million/tael and VND29.28 million/tael for bid and ask, respectively.

Sacombank-SBJ bullion was listed at VND29.26 million/tael and VND29.28 million/tael for bid and ask, respectively, unchanged from last close.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.21 million/tael and VND29.27 million/tael for bid and ask prices, respectively.

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

In Asia trade this morning, spot gold was little changed at $1,245.80 an ounce, after having hit a one-week low of $1,236.55 last Friday.

U.S. December gold futures was up less than a dollar at $1,247.4.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust were unchanged at 1,293.531 tons.

Spot gold could have started a bearish reversal at the Sept 8 high of $1,262.25 per ounce and could fall towards $1,230 as a five-wave cycle is observed on its hourly chart, Wang Tao, a Reuters market analyst, says.

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 weakened after Chinese reports showing industrial output rose the most in three months and retail sales beat forecasts sapped demand for safer assets. – Stoxplus.com

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