Gold devalues by nearly VND1 million per tael after God of Wealth Day

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While the global gold price climbed, the price of gold in Vietnam on February 22 retreated by VND200,000 per tael (1.2 ounces) compared to the previous day, the day of the God of Wealth. Early in the morning, gold trading businesses simultaneously lowered their prices by VND300,000-VND350,000 per tael. However, after that bullion prices slightly increased again.
Saigon Jewelry Company listed gold at VND55.75 million per tael for buying and VND56.15 million per tael for selling, up VND150,000 per tael in buying rate but down VND200,000 per tael in selling rate, at 4.30 p.m. in Ho Chi Minh City.

At the same time in Hanoi, PNJ Company quoted SJC gold price at VND55.7 million per tael for buying and VND56.15 million per tael for selling, an increase of VND50,000 and VND200,000 per tael in buying and selling rates, respectively.

The difference between the buying and selling prices was also narrowed down by gold traders to VND450,000 per tael compared to the gap of VND700,000-VND800,000 per tael in the previous day. Thus, after just one day, gold buyers in the God of Wealth Day had to suffer a total loss of about VND850,000-VND900,000 per tael because of the decreasing gold price and the difference between buying and selling prices.

Meanwhile, on the global gold market, spot gold on the Asian market in the morning of February 22 rose by more than US$13 an ounce compared to the closing price in the trading session last week. As the global gold price advanced but the domestic one dropped, the latter was now VND6.2 million per tael higher than the former, instead of VND7.5 million per tael higher in the last week.

On February 22, to help customers to lessen difficulties and overcome the Covid-19 pandemic, Vietcombank cut its interest rates for all existing loans and new loans of customers within three months, starting from February 22 to May 22 this year. Specifically, for corporate customers, Vietcombank reduced 10 percent of the interest payable for customers that have been negatively affected by the Covid-19 pandemic. The lender also lowered up to 5 percent on bank interest payable for its remaining Covid-19-affected customers.

For individual customers, Vietcombank reduced interest rates by 0.2 percent per year for individual customers who borrow loans for production and business activities due to the impacts of the Covid-19 pandemic. Accordingly, the total number of customers with interest rate reduction is 105,000 with a credit scale of VND350 trillion, accounting for over 40 percent of Vietcombank's outstanding loans. Subjects of this interest rate reduction do not include outstanding loans that are receiving Vietcombank's preferential interest rate policy.

By Nhung Nguyen – Translated by Gia Bao

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