Vietnam gold plunges VND300,000 to VND32.8Mln, Dollar eases – Oct 22

Local gold prices on October 22 slid VND300,000 to VND32.75million-VND32.8million while world gold prices bounced on bargain hunting. Dollar prices eased to VND20,010 in the free market.

Local gold prices on October 22 slid VND300,000 to VND32.75million-VND32.8million while world gold prices bounced on bargain hunting. Dollar prices eased to VND20,010 in the free market.

At 9:05 a.m., Ho Chi Minh’s SJC bullion was listed at VND32.75million/tael and VND32.82million/tael for bid and ask, respectively.

Bid and ask of Phu Quy’s SJC in Hanoi was listed at VND32.75million/tael and VND32.8 5million/tael, respectively.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND32.73million-VND32.85million/tael, respectively.

Meanwhile, Samcombank-SBJ bullion was listed at VND32.77million/tael and VND32.83million/tael, respectively.

Gold trading was lackluster this morning as investors stayed on the sidelines due to price volatility. Local gold prices are currently VND600,000 higher than those in the global market.

In Asia trade this morning, spot gold added $2.45 an ounce to $1,326.05 by 0225 GMT after hitting a two-week low on Thursday as a drop in U.S. initial jobless claims and a stalled euro rally spurred selling.

U.S. gold futures were steady at $1,325.9 an ounce, having fallen as low as $1,318.20 on Thursday.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings slipped to 1,298.266 tons by Oct. 21 from 1,299.177 tons on Oct 20. The holdings hit a record at 1,320.436 tons on June 29.

“Next week, I wouldn’t look at gold hitting a new high. For next week, I am looking at a neutral to a slight downside bias for gold,” said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

“The G20 influences the movements of the dollar and currently we are still seeing an inverse relationship between gold versus the dollar. I am looking at short-term support for gold at the $1,320 level.”

The U.S. dollar held steady in early Asian dealings on Friday after a volatile session in New York but was seen supported with investors likely to trim short positions on caution ahead of the G20 meeting, which starts on Friday.

In the local forex market, dollar bid and ask prices at gold shops were quoted at VND20,050 and VND20,100, respectively, down VND70 from yesterday morning. Vietcombank’s dollar bid and ask were unchanged at VND19,490 and VND19,500, respectively. – Stoxplus.com

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