SJC gold price falls
SJC gold price falls
The gold price of Sai Gon Jewellery Holdings Co. (SJC) fell from VND250,000 per tael in the Vietnamese market.
The buying and selling prices of SJC gold touched VND38.45 million and VND39.45 million, respectively, on the morning of July 7.
Doji SJC and Phu Quy Company were trading SJC gold at VND37.9 million and VND38.9 million (buying and selling prices, respectively), about VND700,000 lower than in the July 6 session. Meanwhile, Bao Tin Minh Chau Company listed the yellow metal at VND37.83 million and VND38.28 million (buying and selling prices, respectively), a fall of VND250,000 compared with the earlier session.
On the global gold trading floor, gold was traded at US$1,367 per ounce (also at $1,640 per tael or 1.2 ounce).
Insiders said the fluctuations in gold prices in recent days, especially on July 6 when the price rose by about VND1.7 million per tael, were a threat to the country's gold market.
Nguyen Ngoc Canh, director of the Foreign Exchange Management Department at the State Bank of Viet Nam, said the central bank was keeping track of the market situation and was willing to interfere if necessary.
Canh said the intervention to stabilise the gold market would be carried out under the Government's Decree 24.2012/ND-CP on gold bar transactions.
"The reason for the hike in gold prices in recent days is the psychological impact following the Brexit vote," Canh said.
In the international financial market, a number of investors, who try to evade the risks arising from such unpredictable economic situations, have bought gold as a safe asset to safeguard their investments.
On the same day, the central bank increased its reference rate per American dollar by eight dong to touch VND21,869.
With a margin of +/- three per cent, commercial banks listed their dollar buying prices between VND22,260 and VND22,280 and selling prices between VND22,340 and VND22,350.
