Despite the global bullion price sliding by 1.5 percent last night, the gold price in Vietnam fell only slightly August 18.
Most gold shops fixed the price at VND21.12 million a tael (1.2 ounces) for buying and VND21.17 million for selling, a decline of VND30,000 a tael from the previous day.
Trading volume was reportedly fairly thin on both the bullion market and trading floors, as investors became more wary due to a sharp decline in global price.
On the SBJ trading floor, 275,220 taels were changing hands at VND20.14 million a tael by 11am local time.
More than 54,300 taels were traded at VND20.11 million on the ACB trading floor.
Globally, spot gold dropped by US$14.4 an ounce, 1.5 percent, to $934.2 an ounce on the New York Mercantile Exchange, the biggest drop since July 28.
In Asia, the metal hovered around $940 an ounce this morning.
As the global economic recession has eased, curbing bullion’s appeal as an alternative investment, the price of the precious metal is moving as a normal commodity.
At this moment, the factors that back bullion prices no longer exist.
Holdings at SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, remained unchanged at 1,065.49 tons, the company’s website showed.
The dollar rallied for the second day against a basket of six major currencies.
In New York, the dollar exchange rate against the euro rose to just below $1.41.
Crude oil fell below $67 a barrel as the US stock markets lost two percent last night.
Crude oil price for September delivery declined $0.76 to $66.75 a barrel, the lowest price since July 29.