August 3: Vietnam Gold Flat, Premium Rises Anew

Local gold prices hovered around VND41.9 million/tael Friday while the premium rose further toVND1.9 million as world gold prices eased.

Hanoi SJC gold is quoted at VND41.84 million/tael for bid and VND41.91 million/tael for ask, respectively as of 11:00 local time, falling VND70,000 from yesterday close.

Thang Long gold, produced by Bao Tin Minh Chau company, is quoted at VND40.2 million/tael for bid and VND40.5 million/tael for ask.

SBJ Sacombank was quoted at VND41.86 – VND41.9 million/tael for bid and ask, respectively.

Domestic gold premium rose to VND1.9million/tael, figure is calculated under the Vietcombank’s rate.

Global Gold Steady After 4 Days of Loss

Gold traded little changed on Friday, spot gold edged down $0.88 or 0.06 percent to $1,588 by 11:00 Hanoi time after falling for four consecutive sessions. US gold futures contract for December delivery inched up 0.1 percent to $1,589.10.

“Cash is king. People would rather hold cash than commodities, because they are still worried about what is going to the euro zone and economies elsewhere. The overall sentiment is pretty negative.” Reuters quoted Dick Poon, manager of precious metals at Heraeus in Hong Kong as saying.

Technical analysis suggested spot gold could break the support level at $1,583 and fall towards $1,572, said Reuters market analyst Wang Tao.

http://stoxplus.com/News/86748/1/191/august-3-vietnam-gold-flat-premium-rises-anew.stox

 

Category: Finance