Vietnam gold continues rising to vnd38.5mln/tael, dollar stable

HANOI-VIETNAM (July 23)   Gold was traded up by VND390,000/tael versus yesterday close to VND38.5 million/tael- the highest price in the past 2 weeks, following the world suit.

SJC Hochiminh was traded at VND38.45 million/tael for bid and VND38.5million/tael for ask respectively as of 11:22 am, Hanoi time.

SJC in the North quoted at VND38.45 million/tael for bid and VND38.5 million/tael for ask.

Techcombank gold prices were listed at VND38:60-VND38.85 million/tael for bid and ask, respectively.

Domestic gold premium stood high at VND4.75 million/tael higher than the world gold prices based on Vietcombank rate ($1=VND21,246) this morning, higher than VND4.60 million/tael yesterday morning.

Of note, Gold continuously increased this morning. As of :30 am today, it was traded at around VND38.25/tael for bid and VND38.67/tael for ask.

Gold Gains Both in New York and Asia Trade

The yellow increased both in New York trade last night and in Asia trade  today, breaking out above $1,300 an ounce triggered a rush by funds and speculators to buy back their bearish bets.

In New York last night, Spot gold was up 2.9% to $1.333/ounce; gold Future for August delivery increased $43.10/ounce  or up 3.3% to $1,336.00/ounce . This is the highest price in a month.

Analysts have slashed their 2013 gold and silver price forecasts after sharp falls earlier this year and expect them to remain weak in 2014 as the United States reins in monetary stimulus, a Reuters poll showed on Monday.

Bullion prices have garnered support from Federal Reserve chief Ben Bernanke”s assurance last week that the U.S. central bank would be careful in scaling back its $85 billion monthly bond purchases.