Vietnam gold falls to vnd35mln/tael, dollar stable
Hanoi (Dec 30) This morning, Vietnam gold dropped by VND100,000/tael versus last week close to VND35 million a tae, following the world suit.
Hochiminh was traded at VND34.70 million/tael for bid and VND35.00 million/tael for ask, respectively as of 10:17 am, Hanoi time.
SJC in the North quoted at VND34.70 million/tael for bid and VND35.00 million/tael for ask.
Techcombank gold prices were listed at VND34.97-VND35.01 million/tael for bid and ask, respectively.
Domestic gold premiums stood high at VND4.3 million/tael higher than the world gold price based on Vietcombank’s today rate ($1=VND21,115), lower than VND4.6 million/tael distance of last Friday morning.
World Gold Rises in New York but Edges Down in Asia
The yellow metal eased in Asia trade this morning, after rising 0.3% in New York trade last night, but still setting for its biggest annual loss in 3 decades as rallies in equities and prospects of global economic recovery dented its appeal.
As of 10:17 am today, at Kitco.com, gold was quoted at $1,209.60-1,210.60/ ounce for bid and ask, respectively.
Gold Outlook: Gold Likely to Be Squaring
Year-end book squaring, the stock market and gold’s ability to hold above the psychological $1,200-an-ounce level are likely to be some of the key factors for the precious metal next week, analysts at the Kitco News Gold Surveys said.
In details, there were only 17 participants in the survey in the working week after the Christmas. Of those, 10 saw prices up, 5 saw prices down and 2 expected gold to move sideways or in neutral. Market participants are bullion dealers, investment banks, futures traders, money managers and technical-chart analysts at Kitco.
Dollar Stable
Vietnam’s Central bank set the U.S. dollar’s exchange rate at VND21,036 on Monday, unchanged for 6 months.
Today, some commercial banks raised dollar prices, some kept dollar prices unchanged, offering at VND21,065-21,080/dollar for bid and VND21,115-21,125/dollar for ask, respectively.
