Gold declines as one-year high spurs selling

The price of gold in Vietnam retreated to VND47 million on September 15 after jumping to VND47.4 million per tael (1.2 ounces), the highest level in a year, the previous day as global price rocketed by nearly 2.1 percent after the US Federal Reserve launched a new round of stimulus to kick-start the economy.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND46.6 million, and sold at VND46.95 million as of 11.05am Vietnamese time.

Yesterday, it collected gold at VND47.05 million and sold at VND47.4 million at 9.30am Vietnamese time. At the same time, Phu Nhuan Jewelry Company purchased gold at VND47 million and sold at VND47.25 million; Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND43.95 million for buying, and at VND44.25 million for selling; and Phu Quy Jewelry Company bought gold at VND47.22 million and sold at VND47.4 million.

Domestically, gold fetched nearly VND2.5 million a tael higher than global price.

Yesterday, people flocked to gold shop to sell gold after the metal hit one-year high.

Earlier this week, SJC asked the State Bank of Vietnam to use jewelry gold to make gold bars in order to increase supply to cool down domestic gold price. According to Nguyen Cong Tuong, deputy head of SJC’s Sale Department, his company had not received the central bank’s answer yet.

On black market, the US dollar was bought at VND20,860 per dollar, and sold at VND20,880 per dollar, up VND20 per dollar over the previous day.

This week, spot gold gained 2 percent after climbing 2.6 percent last week. Currently, gold is standing at the highest level in the past six months.

Gold advanced, supported by upbeat sentiment after the US Federal Reserve launched another aggressive stimulus program on Thursday, saying it would pump $40 billion into the US economy per month until it saw a sustained upturn in the jobs market and keep near-zero interest rates until at least mid-2015.

Euro exchange rate against the US dollar closed week at above $1.31 a Euro, a four-month high.

By Thuy Doan

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