Gold continues to slide
Gold continues to slide
Both local and international gold extended their losses on July 25 from the previous sessions.
On the global gold trading site kitco.com, one ounce of gold was listed at 1,317 per ounce or $1,586 per tael.
When the global gold prices fell, while waiting for the central bank meetings in the United States and Japan this week and amid strong appetite for riskier assets such as equities, the local gold prices edged down another VND160,000 per tael in Viet Nam.
Sai Gon Jewellery Joint Stock Company sold each tael of SJC gold bars for VND36.56 million ($1,636), dropping VND160,000 per tael from last week's rate.
On the same day, DOJI Group also traded its gold at VND36.38 and VND36.46 per tael, down VND120,000 in both the buying and selling rates, respectively, from last week's rate.
Gold prices in Viet Nam were still $50 higher than those around the world on July 25.
According to Phu Nhuan Jewellery Company, trading in gold was quite low since the end of last week, when prices fell after reaching their three-year high on July 6 at VND40 million per tael.
At the same time, the foreign currency maintained unchanged in the market. Most commercial banks rate their US dollar at between VND22,250 and VND22.270 in the buying side and between VND22,330 and VND22,350 in the selling side.
Vietcombank rated each dollar's buying and selling rates at VND22,260 and VND22,330, respectively, unchanged from its rates on July 25.
