Vietnamese Gold Price Slips Remarkably on Feb 8

At Phu Nhuan Jewelry Joint-stock Company (PNJ), a major jewelry producer in Ho Chi Minh City. Photo: T.K

After a continuous rise during the Tet holidays, Saigon Jewelry Co. (SJC) gold price dropped by VND200,000 a tael (1.3 ounces) on Tuesday and closed at VND10.53 million (US$662.76) on Wednesday.

On the global market, the gold price showed its 13-year-low-decrease as dropping by nearly US$20 an ounce. Accordingly, the price per tael is currently VND100,000 domestically lower.

The gold price’s strong fluctuation during these days has led gold trade of many small domestic jewelry producers to a freeze.

However, Phu Nhuan Jewelry Joint-stock Company (PNJ), a major jewelry producer in Ho Chi Minh City, recently signed a contract worth US$385,000 for jewelry production , which will be completed by March 2006.

T.N – Translated by: Trong Khuong

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