Vietnam gold hovers at VND36.57Mln, Dong falls VND10 – Mar 30

Local gold on March 30 held steady at VND36.57million as global gold hardly moved, standing at $1,416.10 an ounce. Meanwhile, the dong fell VND10 per dollar in the official market.

As of 2:10 p.m. Hanoi time, Sacombank-SBJ gold as listed at VND36.53million/tael and VND36.58million/tael for bid and ask, respectively.

Bid and ask of Thang Long gold bullion, a product of Bao Tin Minh Chau were listed at VND36.48million/tael and VND36.6million/tael for bid and ask, respectively.

SJC in Hanoi was listed at VND36.5million/tael and VND36.59million/tael for bid and ask, respectively, meanwhile, SJC in HCMC was listed at VND36.5million/tael and VND36.57milllion/tael for bid and ask, respectively.

In Asian trade this morning, spot gold hardly moved, standing at $1,416.10 an ounce after hitting an intraday high of $1,419.50 — still well below a lifetime high around $1,447 struck last week. It had dropped 0.1% on Tuesday as the talk of monetary tightening prompted selling.

U.S. gold futures for April were barely moved at $1,416.0 an ounce.

“You’ve got to ask yourself, how bad is inflation? I think, really, you’ve got to get the economy moving before anything happens,” said Jonathan Barratt, managing director of Commodity Broking Services in Melbourne.

“I think the market itself will probably get a little bit headstrong if, in fact, we continue to get concerns in the Middle East. I think gold is really being played out by what’s happening in the Middle East and risk aversion trade.”

“There’s a bit of physical buying but we’ve also seen some selling on the upside. The Middle East is a tense, but people also think interest rates will go up in the euro zone, which is why the market is capped,” said a dealer in Hong Kong.

“It’s a mixed market. We may see support at $1,410, while the upside is capped at $1,420 and $1,422. We may trade within this range for the rest of the week. Speculators don’t seem to know what to do.”

Holdings on the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, were unchanged at 1,211.836 metric tons.

In local official forex market, the dong fell VND10 per dollar as the State Bank of Vietnam (SBV) weakened reference rate to VND20,698 per dollar, according to the central bank’s data.

The dong was traded at VND20,900 and VND20,905 per dollar for bid and ask, respectively ; compared to VND20,890 and VND20,895 yesterday at Vietcombank. – Stoxplus.com

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