Domestic gold price moves inversely to global one

SGGP
The price of gold in Vietnam edged up more than VND100,000 per tael to near VND49 million per tael on April 16, the highest level in the past two months but was still lower than the global gold price by nearly VND600,000 per tael.
Saigon Jewelry Company, the largest gold trader and maker in Vietnam, listed the price at VND47.6 million per tael for buying and VND48.37 million per tael for selling, an increase of VND120,000 per tael in buying rate and VND70,000 per tael in selling rate, at 4.30 p.m.

In the global market, at 10 a.m. on April 16 Vietnamese time, spot gold retreated to US$1,719 an ounce, down $10 an ounce compared to the previous trading sessions.

Experts said that the global gold price cooled down after hitting a seven-year high as the US dollar strengthened again and many investors sold gold to take profits. Moreover, the world’s largest gold fund continued to increase its holdings to the highest level since May 2013 with 1,017.5 tons of gold, causing the precious metal to decline.

By Nhung Nguyen – Translated by Bao Nghi

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