Vietnam Gold Climbs Back 28Mln/tael, Dollar Unchanged, Vietnam Gold Market News
Vietnam Business » Vietnam Gold Market News » Vietnam Gold Climbs Back 28Mln/tael, Dollar Unchanged
Sacombanks bullion gold bid and ask were listed at VND28.03 million and VND28.05 million/tael in todays morning, up VND120,000 and VND140,000 from last Friday close, respectively. A tael is equal to 1.2 ounce.
Local gold prices came back to VND28 million a tael threshold on June 14 as the global gold price rose to above $1,220 an ounce late Friday on the New York market.
Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND27.99 million and VND28.06 million a tael, up VND40,000 and VND70,000, respectively.
SJCs bullion gold bid and ask were listed at VND28 million and VND28.08 million/tael in todays morning, up VND50,000 a tael.
The gold trading was sluggish on weak demand and the rise in prices was mostly driven by speculators.
In Asian trade, spot gold was at $1,229.10 an ounce, up $3.70 from New Yorks notional close on Friday. U.S. gold futures for August delivery hardly changed at $1,230.5 after hitting an intraday high around $1,234.
"I think we can say theres a little bit of short covering. Thats all. We are still watching the development in the euro zone," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
"As long we dont break (fall below) $1,200, we still continue to be bullish," he added.
Holdings in the worlds largest gold-backed exchange-traded fund, SPDR Gold Trust were unchanged at a record high of 1,306.137 tons.
In the local forex market, dollar in the gold shops continued to stay flat under VND19.000 threshold. Bid and ask were listed at VND18,960 and VND18,980, respectively.
In the official market, Vietcombanks dollar bid and ask were listed unchanged at VND18,950 and VND19,000; while the State Bank of Vietnam sets inter-bank exchange rate unchanged at VND18,544.
Vietnam Business And Financial News Network. Source [stox.vn]
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