Vietnam gold continues rising to VND41.79Mln/Tael

SJC Hanoi quoted at VND41.57 million/tael for bid and VND41.79 million/tael for ask, respectively as of 8:31 am, Hanoi time.

SJC Sacombank-gold was listed at VND41.39-VND41.45 million/tael for bid and ask, respectively

Rong Bao Tin Minh Chau gold, a product of Bao Tin Minh Chau company was trading at VND40.20 million/tael and VND40.50 million/tael for bid and ask, respectively.

In the market, non-SJC gold was trading around VND1.3 million /tael lower than SJC gold early this morning, a higest distance so far.

Gold Rises in New York Trade

The yellow metal closed higher in New York trade last night after 4 consecutive sessions of losses on worries that Greece could be out of the Euro zone that hurt Euro and boosted interest in the U.S dollar as a safe haven from risk.

Spot gold gained 0.9% to close at $1,572.36 an ounce. U.S. gold futures for June delivery settled up $11.40 an ounce to $1,568.90.

Gold closed lower this week and has fallen by 6% so far in May, according to figures compiled by Reuters.

The single currency euro held steady against the dollar in the day. However, it still remained fragile.”The euro was a bad idea with the best intentions, and now the sensible course for all involved is to cut their losses and return to the sanity of national currencies," Reuters quoted Peter Morici, an economist at the University of Maryland as saying.

Market participants are waiting for next week’s U.S. economic key data which could influence gold’s price direction.

Gold Seen In Higher Price Next Week

According to the Kitco’s news survey, 23 out of 33 participants including bullion dealers, investment banks, futures traders and technical chart analysts responded, of those 15 saw prices up, 5 saw prices down and three saw prices sideways or unchanged.

The numberof bulls are majority for next week. Some market watchesr expected the yellow metal to test $1,600 next week.

Local Dollar Stable

Vietnam's central bank kept dollar midpoint rate to VND20,828 today, stable for more  5 months.

Commercial banks are allowed to apply effective exchange rate +-1% from the official exchange rate set by the central bank, accordingly, the ceiling price for a dollar today was VND21,036 but commercial banks mostly quoted dollar prices below the upper limit, ranging from VND20,820-20,845 for bid and VND20,880-20,885 for ask, respectively.