Gold hovers around VND26.5 million in Vietnam

The price of gold in Vietnam on March 18 slid VND120,000 a tael over the previous day as global prices declined slightly.

The Ho Chi Minh City-based Saigon Jewelry Co., the biggest gold shop in Vietnam, sold gold at VND26.51 million a tael.

In Hanoi, the metal was sold at VND26.53 million.

Trading on the bullion market was muted. There was almost no trading on gold exchanges as the deadline to close gold trading floors on March 30 approaches.

Globally, the precious metal fell by US$7.3 an ounce to $1,122.7 an ounce. Earlier, the metal dropped to $1,118 an ounce in yesterday’s trading sessions.

Prices declined as investors started to pump money into equities, and debentures because the US inflation rate wasn’t as high as forecasted.

In addition, information that China’s government forbade its commercial banks to give loans to speculate in real estate also put pressure on the yellow metal.

Source: Thanh Nien Newspaper – Translated by Thuy Doan

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