Domestic gold keeps falling as world price drops

October 08, 2012 | 18:35

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The price of domestic gold fell by VND170,000 per tael (1.2 ounces) this morning following a decline in the world gold price.

At 9:15 am, SJC gold was listed in Ho Chi Minh City at VND47.5 million and VND47.8 million per tael for buying and selling respectively. In Hanoi, the metal was traded at VND47.58 million per tael for buying and VND47.8 million per tael for selling, VND80,000 per tael more than the buying price in Ho Chi Minh City.

Last week, domestic gold advanced nearly VND560,000 per tael and climbed to a 14-month high of VND48.4 million per tael on October 5.

On the world market, gold also gained over $10 an ounce during the week and closed at $1,781.3 per ounce. Gold for immediate delivery on the Kitco floor is currently hovering at around $1,773 per ounce.

The interbank US dollar exchange rate and the commercial bank dollar exchange rate ceiling stayed the same at VND20,828 and VND21,036 respectively. However, US dollar prices quoted at Vietcombank increased by VND30 per US dollar for buying and VND50 per US dollar for selling to stand at VND20,850 and VND20,960 for one US dollar.

The price of domestic gold is now around VND3 million per tael higher than the world prices, according to Vietcombank’s exchange rate.

Nhan Dan Online

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