Gold prices fall in VN on October 5
Gold prices fall in VN on October 5
The price of state-owned gold brand SJC fell to between VND500,000-VND550000 (US$22.4-24.6) per tael on October 5 from yesterday's rate.
Sai Gon Jewellery Joint Stock Company yesterday sold one tael of SJC gold at VD35.52 million, while other gold companies Bao Tin Minh Chau and DOJI traded gold at VND35.48 million per tael. Local gold prices fell from the VND36 million per tael mark witnessed in the last few months.
Ha Noi-based Bao Tin Minh Chau Gold and Jewellery JSC recorded a higher number of buyers than sellers on October 5 when the prices fell, with 65 per cent of transactions being purchases and 35 per cent being sales. The companies also advised their customers to buy more at this time and hold it in reserve.
In the global market, however, gold edged higher earlier on the same day, after falling 3.3 percent in the previous session to its lowest in more than three months, as the dollar eased and equities fell, according to reuters.com
On the global gold trading floor of kitco.com, gold was listed at $1,273. (One tael is equal to 1.2 ounces). Forex rate was still stable on October 5. State Bank of Việt Nam listed the reference rate per US dollar at VND21,964. Except for Vietcombank, which added another five dongs to each greenback for both the buying and selling rates, other commercial banks kept their rates unchanged from yesterday. The buy/sell rates at Vietcombank for each US dollar were VND22,270 and VND22,340, respectively.
Vietcombank's rate per tael of gold in Việt Nam was VNĐ1.2 million higher than the global gold price.
