Gold Prices Slightly Up

Yesterday, Phu Nhuan Jewelry Company (PNJ) gold prices slightly rose by VND17.73 million (US$1,108) per tael, up VND80,000 (US$5) from the previous day while Saigon Jewelry Company (SJC), maintains its gold prices at VND17.7 million (US$1,106) per tael.
 
Gold prices slightly rise up
Generally, domestic gold prices gained VND570,000 per tael over the last week. 
 
However, the total trading volume in the gold market slowed, in particular, yesterday only reaching half the trading level of the previous day but the market itself balanced the buying and selling. 
 
On the international market, the gold prices, after a day of fluctuations, also slightly increased to US$916.55 per ounce, up US$2 from yesterday morning and up US$30 from the previous day. 
 
Economic analysts blamed the fluctuation on the economy of United States which is in a recession, causing a downtrend in the world stock markets. All these effects have had a negative impact on investors and have urged them to sell gold to compensate for losses in their businesses.
 
Another minor reason was that South African miners halted operations due to severe power shortages in the country. 
 
A little increase at the end of yesterday only appeared due to an executive decision by FED to reduce interest rates. 
 
Traders began discussing the prospect of the predicted US$1,000 level being reached in the coming weeks.

Related article:
Gold Price Sets New Record

By Th.Ng – Translated by Truong Son

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