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Vietnam Gold Market News

Vietnam Business » Vietnam Gold Market News » Vietnam Gold Surpasses VND28Mln/tael, Dollar Stays Flat

Vietnam Gold Surpasses VND28Mln/tael, Dollar Stays Flat

The biggest rise was seen in SJCs bullion gold whose bid and ask were listed at VND28.05 million and VND28.15 million/tael in todays morning, up VND150,000 a tael from yesterday. A tael is equal to 1.2 ounce.

Local gold prices surpassed VND28 million/a tael threshold on June 16 as the global gold price rose by 1% to $1,230 an ounce last night on the New York market.

Sacombanks bullion gold bid and ask were listed at VND28.05 million and VND28.09 million/tael in todays morning, up VND120,000 a tael.

Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND28.04 million and VND28.12 million a tael, up VND120,000/tael.

The gold trading was sluggish on weak demand as speculators did not see profit making opportunities.

In Asia trading, spot gold was at $1,232.65 an ounce by 0056 GMT, steady with New Yorks notional close on Tuesday, when investors poured money into the metal following a sovereign ratings downgrade of Greece. U.S. gold futures for August delivery were hardly moved at $1,233.3 an ounce after ending up nearly $10 on Wednesday.

Gold, which hit a lifetime high of $1,251.20 last week, was likely to consolidate within a wide range of $1,220 to $1,250 before charging higher.

"I think the upside for gold is still very strong in terms of safe haven flows," said Wong Eng Soon, investment analyst at Phillip Futures in Singapore.

"I would think there seems to be a preference for large funds to be long on volatility, take on more downside protection and be less correlated with wider markets. This suggests risk aversion is still prevalent."

"Surprisingly weve seen some physical buying from Thailand. Thats the highlight of the day. I think consumers will continue to buy gold on dips," said a physical dealer in Singapore. "People are still confident on gold more than anything."

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 last four sessions, which suggested that investors were keen to hold on to bullion because of lingering concerns about the euro zones financial sector.

In the local forex market, dollar in the gold shops held steadily 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]

More Vietnam Gold Market News:

• Vietnam Gold Climbs Back 28Mln/tael, Dollar Unchanged
• June 9: Vietnam Gold Falls VND200,000/teal, Dollar Stays Flat
• Gold prices rising, people rush to sell gold to reap profit
• Gold loses its lustre for Vietnamese
• Vietnam gold price nearly hits 28 million dong per tael threshold
• Cambodian gold mine attracts Vietnamese enterprises
• Vietnam Gold, Dollar Prices Stay Flat on Thin Volume
• Vietnam Gold exports helped decrease May trade deficit
• Vietnam Gold Prices Gain VND150,000/Tael, Dollar Prices Stable May 25
• Gold Settles Near $1,200 on Safe-Haven Demand

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