Local gold prices hovered around VND42.1 million/tael Monday while the premium fell further toVND1.3 million as world global rally last Friday.
Hanoi SJC gold is quoted at VND42.4 million/tael for bid and VND42.1 million/tael for ask, respectively as of 11:00 local time, easing a bit from last week close.
Thang Long gold, produced by Bao Tin Minh Chau company, is quoted at VND40.65 million/tael for bid and VND40.95 million/tael for ask.
SBJ Sacombank was quoted at VND42.05 –VND42.09 million/tael for bid and ask, respectively.
Domestic gold premium eased to VND1.3 million/tael, figure is calculated under the Vietcombank’s rate which was unchanged today, as world gold prices posted gained last Friday.
Global Gold Steady Above $1,600 Eyeing Central Banks’ Meeting
Asia gold held steady above $1,620 per ounce on Monday, as investors wait for the central banks’ clearer cues on the potential for further monetary stimulus.
Fed policy meeting is scheduled later in the week, and investors are expecting another round of quantitative easing, known as QE which would benefit gold, seen as a hedge against rising prices.
Spot gold had edged down 0.04% to $1,622.14 per ounce by 11:00 Hanoi time after posting a 2.5% weekly gain last week. The U.S. gold futures contract for August delivery inched up 0.2% to $1,621.20.
ETF Holdings Decline
Holdings of SPDR, the world's biggest gold-backed exchange-traded fund, have been falling for a month and dropped to 1,248.606 tons on Friday, the lowest level since early November.
Hedge funds and money managers trimmed their net long positions in U.S. gold futures and options by about 25% in the week ended July 24, Reuters reported, citing data from the U.S. Commodity Futures Trading Commission.