Gold retreats slightly
Gold retreats slightly
With global price showing a downward trend, price of gold in Vietnam stalled at VND42.44 million a tael (1.2 ounces) on August 15, decreasing VND90,000 after yesterday’s trading session.
Price of gold surged on Monday to a two-month high at VND42.51 million a tael, but slipped to VND42.44 at the opening of today’s trading session.
Spot gold on the world market was at $1,600 an ounce, some VND2.2 million cheaper than local gold price.
Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.39 million and sold at VND42.44 million as of 9.30am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND42.4 million and sold at VND42.44 million as of 9.50am Vietnamese time.
Saigon Jewelry Co (SJC) once again stopped buying back deformed gold bullion from local people wanting to resell. Nguyen Cong Tuong, deputy head of SJC sales department, explained they were doing so because of lack of liquidity.
On free market, the US dollar was bought at VND20,835 per dollar, and sold at VND20,855 per dollar. Meanwhile, Vietcombank quoted the rate at VND20,835 per dollar for buying, and at VND20,865 per dollar for selling, down VND5 per dollar over the previous day, Eximbank purchased dollars at VND20,820 per dollar, and sold at VND20,870 per dollar.
Gold price changed direction and fell for the second straight day to end last week in red. Gold price is still 6.8 percent above the price it was end of July. This shift probably stemmed from the recent margin hike by CME along with the cool down in financial markets. Gold and silver prices are currently traded with moderate falls. Today, the U.S. TIC long term purchase report will be published.
Billionaire investors George Soros and John Paulson increased their stakes in the biggest exchange-traded fund backed by gold, as prices posted the largest quarterly drop since 2008.
Crude fell in New York after an industry report showed stockpiles in the U.S., the world’s biggest oil consumer, rose for the first time in three weeks
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