HANOI (Aug 5) This morning Vietnam gold was slightly eased and then rose again to VND37.85 million a tael as of 10:18 am- almost unchanged from last weekend close, bucking the world trend.
Hochiminh was traded at VND37. 55 million/tael for bid and VND37.85million/tael for ask respectively as of 10:20 am, Hanoi time.
SJC in the North quoted at VND37.50 million/tael for bid and VND37.80 million/tael for ask.
Techcombank gold prices were listed at VND37:65-VND37.85 million/tael for bid and ask, respectively.
Domestic gold premium stood high at VND4.35 million/tael higher than the world gold prices based on Vietcombank rate ($1=VND21,170), lower than VND4.7 million distance from last Friday morning.
Of note, Gold continuously increased this morning.
As of 09:35, it was traded at VND37. 48 million/tael for bid and VND37.78million/tael for ask,respectively.
Gold Rises in Asia Trade
The yellow metal kicked off the week with gain in Asia trade this morning, rising about 4.2% for bid and 0.32% for ask after softer-than-expected U.S. nonfarm payroll data eased fears of an imminent scale-back of the Federal Reserve's stimulus measures.
At Kitco floor today, spot gold was quoted at $1317.70-1,318.80/ounce for bid and ask, respectively as of 10:20 am, Hanoi time.
Gold Seen in Lower Prices This Week
This week, gold prices are forecast to fall further, majority of he market participants at Kitco.com predicted.
In details, 21 out of 36 participants including bullion dealers, investment banks, futures traders, money managers and technical-chart analysts gave their forecast this week. In which, 6 saw prices up (28.6%), 11 saw prices down (52.4%)and the rest expected the yellow metal to move sideways or in netral (19%).
Those who saw gold prices to get lower this week argued that the lack of a strong upside trend leaves gold vulnerable to selling.
Local Dollar Stable
Vietnam's Central bank set the U.S. dollar's exchange rate at VND20,036 on Monday, unchanged since June 28.
Today, some commercial banks continued adjusting down dollar prices, offering from VND21,080-21,100 for bid and VND21,160-21,170 for ask.
