Vietnam gold tops VND29Mil/tael ; Dollar flat

Local gold prices on Wednesday soared VND200, 000, breaking up threshold VND29 million/tael to near VND29.2 million a tael on the first trading session in September though the world gold prices have eased from 2-month peak. Dollar prices hold steady.

Local gold prices on Wednesday soared VND200, 000, breaking up threshold VND29 million/tael to near VND29.2 million a tael on the first trading session in September though the world gold prices have eased from 2-month peak. Dollar prices hold steady on both official and unofficial markets.

SJC bullion in Hanoi soared to VND29.12/tael and VND29.18 million for bid and ask, up VND210,000/tael from last close at 9:20a.m. Sai Gon SJC’s bullion’s bid and ask were listed at VND29.12 million and VND29.16 million/tael. A tael is equal to 1.2 ounce.

Sacombank-SBJ bullion’s bid and ask at 9:30 a.m were listed at VND29.12 million and VND29.16 million/tael, up VND40,000/tael as of yesterday.

Thang Long bullion gold, a product of Bao Tin Minh Chau was listed at VND29.08 million and VND29.16 million/tael for bid and ask.

Higher gold prices boosts up selling pressures as local investors jumped to take profit.

In Asia trade this morning, spot gold prices edged down 0.3 %, or $3.19, to $1,245.80 an ounce by 0256 GMT, easing from a two-month peak of $1,249.90 hit on Tuesday.

The 30-day moving average, at $1,208.07, was close to crossing above the 50-day moving average at $1,209.06.

U.S. gold futures for December delivery was down 0.1 % at $1,248.7 an ounce.

Holdings in SPDR Gold Trust, rose by 3.952 tons to 1,302.508 tons on Aug. 31, from 1,298.556 tons on Aug. 27.

“For whatever reason, the market decided to look on the data as negative. Consequently we saw safe-haven buying,” said Darren Heathcote, head of trading at Investect Australia in Sydney.

“Investors are reluctant to exit their long gold positions, as shown in the ETF numbers. And at same time, market seems very much focusing more negative data than positive.”

The uncertainties in the economic outlook helped propel gold to its biggest monthly rise since last November. And some expected gold prices to further benefit from the worries over recovery especially in the U.S. and Europe.

A researcher from China’s central bank warned gold investors and told them to be alert to possible gold price plunges as a result of selling from overseas central banks.

In the local forex market, dollar prices hold in both official and unofficial markets. Dollar prices in free market maintained at VND19,500 and VND19,520 for bid and ask, respectively.

Dollar prices at Vietcombank were listed at VND19,475 and VND19,500 (the ceiling rate) for bid and ask.

The interbank USD/VND exchange rate on Sep 1 was steady at VND18,932, said the State Bank of Vietnam on its website.

In global forex market, the dollar dipped 0.1 % from late U.S. trading on Tuesday to 84.09 yen. – Stoxplus.com

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