Viet Nam Gold Loses Luster against Falling Backdrop

Gold transactions in Viet Nam have almost come to a halt as prices have plummeted over the past few days. There were fewer sellers than buyers yesterday in response to speculations that domestic prices could not be lower.

Yesterday Sai Gon Jewelry Company (SJC) gold was sold at VND15.43 million per tael, down nearly VND170,000 against the previous day and VND630,000 lower than early this week. 

Despite this slide, the SJC price is still VND2.9 million higher when compared with the same time last year. Meanwhile, domestic prices are around VND100,000 higher per tael over world rates, prompting many enterprises to start importing the precious metal.

On the international scale, gold prices have stopped at US$783.1 per ounce, down US$13 the day before and US$40 early this week. Its prices sank as oil prices fell from recent heights and the US dollar finally gained some ground in the foreign exchange market.

On the London Bullion Market, gold prices fell to US$783.50 an ounce at Friday’s late fixing, from US$815.25 dollars a week earlier. Silver prices dropped to US$14.23 dollars per ounce from US$14.55 dollars.

By Thien Ngan – Translated by BH

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