Vietnam gold inches up to vnd37.8mln/tael, dollar stable

Today, Vietnam gold inched up around VND120,000/tael from yesterday close to VND37.80 million/tael, following the world suit.

as of 11:08 am, Hanoi time.

SJC in the North quoted at VND37.30 million/tael for bid and VND37.80 million/tael for ask.

Techcombank gold prices were listed at VND37.30-VND37.80 million/tael for bid and ask, respectively.

Domestic gold premium stood high at VND5.80million/tael higher than the world gold prices based on Vietcombank rate ($1=VND21,246), up from VND6.65 million/tael yesterday morning.

Gold Rises Both in New York and Asia Trade

The yellow metal inched up both in New York trade last night and in Asia trade this morning concerns the on concerns about Federal Reserve could soon start tapering its monetary stimulus.

Investors are also digesting news that hedge fund manager John Paulson’s gold fund has lost 65% so far this year after the portfolio declined 23% last month, according to Reuters.

The bullion has fallen by 10% since mid-June when Fed Chairman Ben Bernanke suggested policymakers could start to taper their bond-buying program yet this year if the economy continues to improve. Analysts say that notion was reinforced Friday when the U.S. jobs report for June was stronger than what markets had factored in.

U.S. employers added 195,000 new jobs to their payrolls last month, exceeding expectations of 165,000 and supporting the case for a Fed pullback.

At Kitco floor today, spot gold was quoted at $1,219.80-1,220.80/ounce for bid and ask, respectively as of 11:45 am, Hanoi time.

Gold Seen to Stay around $1,250/Ounce  This Week On Fed Expectations, Also Eye Egypt, ETF Flows

The gold market will remain on the lookout for any signs on whether physical demand picks up more strongly. “Physical demand is slowly starting to pick up and we look for gold to hold in here with $1,250 now our short-term resistance,” said a research note from TD Securities, according to Reuters.