Vietnam gold rebounds to VND29.34 Mln, Dollars flat

Local gold price rebounded to around VND29.3 million/tael on September 14 as world gold price ticked up, while dollar prices were stable for its 10th consecutive day at both unofficial and official markets.

Local gold price rebounded to around VND29.3 million/tael on September 14 as world gold price ticked up, while dollar prices were stable for its 10th consecutive day at both unofficial and official markets.

On Tuesday, Hanoi SJC’s bullion’s bid and ask were listed at VND29.28 million/tael and VND29.33 million/tael this morning, up VND40,000 from last close. Meanwhile, Ho Chi Minh’s SJC bullion was listed at VND29.28million/tael and VND29.34 million/teal for bid and ask, up VND40,000/tael as of last close.

Sacombank-SBJ bullion was listed at VND29.29 million/tael and VND29.33 million/tael for bid and ask, respectively, up VND30,000/tael-VND40,000/tael from last close.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND29.26 million/tael and VND29.33 million/tael for bid and ask prices, respectively, up VND50,000/tael.

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

In Asia trade this morning, spot gold added $4.20 an ounce to $1,249.45 an ounce after a lacklustre trade on Monday. Gold struck a record around $1,294 an ounce in June.

“Physical demand is picking up, mostly in India and China, as people are trying to finish their Christmas orders,” said Dick Poon, manager at Heraeus in Hong Kong. “It’s already September.”

U.S. gold futures for December delivery rose $4.2 an ounce to $1,251.3 as dealers shrugged off a slight decline in holdings in the world’s largest gold-backed exchange-traded fund.

SPDR Gold Trust said its holdings dropped to 1,292.619 tons by Sept 13 from 1,293.531 tons by Sept 10. The holdings hit a record 1,320.436 tons on June 29.

In the local forex market, dollar prices held for its 10th consecutive day at both unofficial market and official market. Dollar prices at gold shops were quoted at VND19,495 and VND19,510 for bid and ask, respectively, while Vietcombank’s dollar bid and ask were unchanged at VND 19,475 and VND 19,500.

In global forex market, the dollar was near a one-month low against a basket of currencies on Tuesday after suffering its steepest fall against the euro in two months the previous day on investors’ rising risk appetite. – Stoxplus.com

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