Vietnam gold prices slightly rose by VND0.17 million a tael on Monday morning

Vietnam gold slightly rose by VND0.17 million a tael from yesterday close to VND45.25 million/tael on Monday morning, following the suit of world god prices, local dollar prices were kept at VND20,803 since October 28.

SJC Hanoi quoted at VND45.08 million/tael for bid and VND45.25 million/tael for bid and ask, respectively as of 9:51, Hanoi time.

SJC Ho chi minh listed at VND45.08-45.23million/tael for bid and ask, respectively.

Sacombank-SBJ gold prices were listed at VND45.08-VND45.23million/tael for bid and ask, respectively.

Rong Thang Long gold, a product of Bao Tin Minh Chau company was trading at VND44.20 million/tael and VND44.55 million/tael for bid and ask, respectively.

BaoTin Minh Chau company which often listed its Rong Thang Long gold prices higher than SJC’s gold prices in the past, has listed its gold prices lower than the SJC‘s ones recently as the news that the State Bank of Vietnam may approve only SJC company to produce the bullion and JSC as SBV’s gold brand.

Investors are reported to sell Bao Tin Minh Chau’s gold more heavily in recent days on the SBV’s policy though government said that even if the proposal comes into force, it does not affect the existing bullion in the market.

Domestic gold premium stood at VND0.445 million/tael today, just slightly higher than (1.01 times) the SBV’s target of VND400,000/tael.

Global Markets: Gold Jumped in Both New York

In New York last Friday gold climbed to settle at $1,751 an ounce on job data. Trading volume plunged sharply below its 30- day average.

Spot gold gained 0.1 % to finish at $1,745.69 an ounce. U.S. February gold futures last rose $11.50 to settle at $1,751.30 an ounce.

In the Kitco floor this morning, spot gold was quoted at $1747.90-1749.60 for bid and ask, respectively as of 9:54 Hanoi time.

“Gold investors seem more optimistic about economic recovery by looking at U.S. jobs figures and (possible) euro zone stimulus, and more importantly the inflationary aspects of them,” Reuters quoted George Gero, vice president of RBC Capital Markets as saying.

Late this week’s European summit, dubbed the last chance to save the euro by the popular press, will be key for gold, which has lost ground as a safe haven asset of choice in the current crisis, analysts said.

Investors expect euro zone leaders to come up with a definitive resolution of the two-year-old debt crisis on Friday.

Italian Prime Minister Mario Monti unveiled a 30-billion-euro ($40.3 billion) package of austerity measures on Sunday, raising taxes and increasing the pension age in a drive to shore up Italy’s strained finances and stave off a crisis that threatens to overwhelm the euro zone, quoted Reuters.
As the euro zone and global markets face a crucial week, managed money cut its net long positions in U.S. gold futures and options for a second consecutive week.

Tags: Gold analysis, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, gold price forecast, Gold prices, price of gold, Spot gold, Spot gold price, Vietnam gold prices

Posted by admin on Dec 5 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry