Gold price declines, investors rush to buy

Domestic gold prices on December 11 sank by VND70,000 a tael over the previous day and VND940,000 over the beginning of the week sending investors rushing to buy the precious metal.

Taels were bought at VND27.2 million each and sold at VND27.3 million.

At the Saigon Jewelry Holding Company, total transactions at 5pm December 11 ran up to 17,000 taels with 15,000 taels being sold.

Meanwhile, world prices rose slightly while domestic gold prices slid on information December 10 that the State Bank of Vietnam had ordered some businesses to increase the gold supply in the market.

The same day, greenback prices at trade banks remained high with US dollars being bought at VND18,469 and selling at VND18,479.

However, the prices plunged on the open market.

At shops in Districts 1, 3, and 5, one US dollar was bought at VND19,450 and sold at VND19,550, VND50 lower than prices at the beginning of the week.

By Mai Thi – Translated by Hong Phuong

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