Gold declines to VND41.85 million

Sacombank Jewelry Company bought gold at VND41.55 million and sold at VND41.95 million as of 10:40am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND41.15 million and sold at VND41.85 million as of 10:56am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND41.7 million and sold at VND41.95 million at 11:04am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND41 million for buying, and VND41.25 million for selling at 12:30pm Vietnamese time.

Domestically, SJC-brand gold still fetched around VND2 million a tael, higher than global price.

According to jewelers, trading volume significantly improved yesterday after the heavy metal dropped by VND370,000 a tael.

‘Our trading volume rose three times higher than the previous day with 80 per cent of customers wanting to buy gold,” an employee of Phu Quy Jewelry said.

Meanwhile, Nguyen Cong Tuong, deputy head of Sales Department of Saigon Jewelry Company, said they bought only 500 taels of gold but sold 8,000 taels yesterday, double that of the previous day as sharp fall triggered buying interest.

On black market, one dollar was bought at VND21,200, and sold at VND21,230, an increase of VND20 per dollar in buying price, and VND30 per dollar in selling price over the previous day.

Gold for immediate delivery fell as much as $11 an ounce to close at $1,545.5 an ounce on the Comex in New York.

Gold futures for February delivery lost $25.6 an ounce to $1,538.5 an ounce. Earlier, the metal plunged to $1,521.94 an ounce, the lowest level since July 6.

In Asia, gold rebounded due to bottom fishing. Spot gold was traded at $1,558 an ounce, up $12.5 an ounce at 11:30am Vietnamese time.

Gold has declined for six consecutive trading sessions, the longest run since March 4, 2009, with a total drop of 4.7 per cent. Since the beginning of this month, the precious metal has devalued 12 per cent; however, the price remained higher than last year’s 8.4 per cent.

The euro exchange rate against the US dollar was just above $1.29 a euro this morning.