Gold falls by VND500,000 per tael

Price of gold in Vietnam fell by VND500,000 a tael (1.2 ounces) over the previous day on February 4, following a sharp decline in global price after better-than-expected US job report smashed hopes for extra stimulus from the US Federal Reserve, curbing demand for the precious metal.

Sacombank Jewellery Company bought gold at VND44.65 million and sold at VND44.95 million as of 9:40 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.65 million and sold at VND44.95 million as of 8:38 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.8 million and sold at VND44.9 million as of 10:11 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted the price at VND43.8 million for buying, and VND44.1 million for selling at 10:15 am Vietnamese time.

Despite a sharp change in price, trading on bullion market remained slow. Trading volume at DOJI Gold and Gems Group only reached 800 taels of gold yesterday.

Internationally, gold dropped drastically after US payrolls data beat expectation, lifting the US dollar, sapping demand for the precious metal as an alternative asset.

Data from Labour Department showed that the US economy created jobs at the fastest pace in nine months in January, adding 243,000 jobs and the unemployment rate unexpectedly dropped to a near three-year low of 8.3 percent.

Gold for immediate delivery fell as much as $32.5 an ounce to close at $1,725.9 an ounce on the Comex in New York after peaking at a ten-week high of $1,762.9 an ounce.

Gold futures for April delivery dropped as much as $19 an ounce to close at $1,740.3 an ounce. Earlier, the heavy metal plunged to $1,735.5 an ounce, losing $23.8 per ounce.

After four consecutive weekly gains, bullion posted a small weekly loss as Friday's sell-off wiped out profits from earlier this week. It is still up 11 per cent to date.

By Thuy Doan

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