SJC gold price stunted
SJC gold price stunted
Saigon Jewelry Company’s (SJC) gold price experienced a slight rise of VND50,000 (US$2.26) per tael (1.02 ounces), despite strong fluctuation of the world gold price.
As of the end of the December 8 morning session, growth rate for official listed SJC gold price slowed, clocking in at VND36.5 million per tael ($1650), compared with the previous session at VND36.45 million per tael ($1652).
SJC gold price listed by Doji Ha Noi experienced slight increase and slight drop, eventually returning to the previous session’s price at VND36.42 million per tael ($1646).
This constancy in price ended following the sudden surge that SJC gold price experienced during the previous three days.
As of December 07, 2016, the listed price for SJC gold reached VND36.6 million per tael ($1654), equal to a VND400,000 rise per tael ($18.08) compared with the price on December 5, 2016, and VND4.5 million ($203.8) higher than the world gold price at that point.
On the current situation, the Foreign Exchange Management Department of the State Bank of Vietnam (SBV) officially commented, assuring stability in the gold market, despite expanding difference in domestic and international price. The amount of circulated and traded gold remained relatively low, down by some 20 per cent compared with the same period last year, and there was no mass hysteria in buying or selling.
Representatives from SBV also affirmed a close watch on the domestic gold market’s development and readied appropriate means and procedures to intervene if required.
The current world gold price is some $1.176.5 per ounce, up by $8 per ounce since the close of the last session. This was an increase of 0.6 per cent from the severe drop within the last 10 months at $1.157 at the beginning of the week.
The FED expects to increase fund rates in the following week, which signifies a negative movement for gold price as this would in turn increase the holding cost for unproductive assets such as gold.
Domestic investors are advised to remain calm and discreet with their purchases or only speculate using prestigious gold brands.
