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Vietnam Business » Vietnam Gold Market News » Vietnam Gold Near VND28.2Mln, Dollars Edge Up

Vietnam Gold Near VND28.2Mln, Dollars Edge Up

On Monday, SJCs bullion golds bid and ask were listed at VND 28.18 million and VND28.24 million/tael this morning, up VND40,000 from last week close. SBJ bullions bid and ask at 10 a.m were listed at VND28.18 million and VND28.20 million/tael. A tael is equal to 1.2 ounce.

Local gold price surged to VND28.15 million and VND28.20 a tael for bid and ask on August 16, up VND 10,000- VND 20,000 from last week close while dollar price rose to VND 19,290 in free market. Bid and ask of Thang Long bullion gold, a product of Bao Tin Minh Chau gold company, were listed at VND28.14 million and VND28.20 million a tael for bid and ask price, respectively, up VND20,000 from last week. The trading was sluggish as investors see few speculative opportunities. In Asia trade this morning, spot gold added $4.50 to $1,219.00 an ounce in Asian trade, having hit an intraday day high of $1,219.40 - its highest since July 2. Bullion struck a record around $1,264 in June. U.S. gold futures for December delivery rose $4.5 to $1,221.1 an ounce, extending Fridays gains, when weak U.S. jobs data prompted investors to buy gold as an alternative investment. Gold rose to its strongest in more than a month on Monday as pessimism about the global economic recovery sparked buying from investors and pushed equities down, but a firmer U.S. dollar could cap gains, analysts said. "Our in-house analysts have been bullish on gold because of the state of the global economy," said a physical dealer in Singapore, who trades gold bars. "They are still looking at gold reaching $1,300 and they want us to buy gold on dips." "But we do see selling from the physical side because they are price sensitive. There is selling from Thailand and Indonesia. I guess the buying is more from investors, and not from jewelers." Holdings in the worlds largest bullion-backed ETF, SPDR Gold Trust were unchanged, suggesting that some investors were happy to hold on to bullion after recent U.S. economic data pointed to weakness in the economy. In the local forex market, dollar prices rose up to VND10 from last week close at gold shops but stabilized at Vietcombank. Dollar prices at gold shops rose to VND19,270 and VND19,290 for bid and ask, respectively, while Vietcombanks dollar bid and ask were listed unchanged at VND 19,098 and VND 19,100. In global forex market, the U.S. dollar was holding most of last weeks gains - the strongest in nearly two years.

Vietnam Business And Financial News Network. Source [stox.vn]

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