The Vietnam’s stock market extended winning streak to a third consecutive trading session on August 30 whereas the price of gold in Vietnam slid by VND300,000 per tael (1.2 ounces) as global bullion price cooled down.
Thanks to rising momentum in global gold price, the price of gold in Vietnam continued to advance by nearly VND300,000 per tael to VND42.5 million per tael in the morning on August 9 then cooled down to just above VND42 million per tael.
The price of gold in Vietnam jumped to VND41 million (US$1,762.38) per tael (1.2 ounces) on August 6 as global bullion price hit six-year highs due to increasing safe-haven demand amid escalating trade war between the US and China.
The price of gold in Vietnam fell by nearly VND500,000 per tael (1.2 ounces) on August 1 as global gold price plummeted after the US Federal Reserve decided to cut interest rate of the US dollar by 0.25 percent to 2-2.25 percent per annum due to low inflation pressure and impacts caused by movements in the world after its two-day meeting at the end of July.
After strongly increasing to exceed VND37.5 million a tael on God of Wealth Day, the tenth day of the first lunar month every year falling on February 26 this year, SJC gold price has dropped by nearly VND500 a tael.