Gold sinks after galloping increase

The price of gold in Vietnam plummeted VND2.2 million per tael (1.2 ounces) on July 7 after galloping for nearly VND3 million per tael in the previous day.

(Photo: SGGP)

Saigon Jewelry Company bought gold at VND36.5 million per tael and sold at VND37.52 million per tael in Ho Chi Minh City.
 
In Hanoi, Doji Gold and Gems Group purchased gold at VND36.7 million per tael and sold at VND37.3 million per tael, a decrease of VND1.95 million per tael in buying rate and VND2.3 million per tael in selling rate.
 
On Kitco, spot gold was traded at US$1,356.20 an ounce at 11 p.m. Vietnamese time. The precious metal rocketed to $1,363 an ounce on July 6, the highest level in the past two years.
 
In order to reassure investors, IMF managing director Christine Lagarde said that Britain's vote to quit the European Union had injected significant uncertainty into the global economy but was nevertheless unlikely to cause a world recession.

However, she warned that the longer the withdrawal process remains unclear, the worse the effects could be.
 
British experts recommended that the Bank of England should not cut its interest rate to zero percent in its monetary policy meeting which is planned to be taken place on July 14 because this move will send the British pound exchange rate to the same level as the US dollar.
 
In related news, after a slight correction in the previous trading session, the Vietnam’s stock market jumped to the highest level in the past eight years on July 7 as several blue-chip stocks gained ground. Earlier, stocks extended its winning streak to seven consecutive trading sessions. 
 
The Vietnam’s benchmark VN-Index soared 11.66 points, or 1.8 percent, to 661.12 points, the highest level since March 2008. Trading volume exceeded 137 million shares worth more than VND3.06 trillion.
 
The VN30-Index strengthened 8.34 points, or 1.31 percent, to 644.52 points. Trading volume was nearly at 44.3 million shares worth more than VND1.13 trillion.
 
The HNX-Index of the smaller trading floor in the north gained 1.46 points, or 1.69 percent, to 88.16 points. Trading volume reached 78.5 million shares worth more than VND1.06 trillion.
 
The HNX30-Index rose 3.09 points, or 1.96 percent, to 160.58 points. Trading volume was about 37 million shares worth more than VND503.3 billion.
 
The UpCoM-Index surged 0.35 points, or 0.61 percent, to 58.12 points. Trading volume exceeded 7.7 million shares worth more than VND133.7 billion.

By Nhung Nguyen, Phuong Nam – Translated by Thuy Doan

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