Gold price continues to drop
On the morning of August 13, domestic gold was transacted at VND44.25-44.55 million/tael, down by VND250,000 compared to the day before.
In HCM City, SJC gold was listed at VND44.25-44.55 million/tael at 10 am while the same trademark of gold in Hanoi hovered around VND44.25-44.57 million/tael.
Thang Long Dragon gold at Bao Tin Minh Chau Company stood at VND43-46 million/tael.
Earlier on August 12, the price of gold in the US market dropped sharply to US$1,741.61 per ounce.
The falling gold prices are attributed to the strong increase in the price of shares on the European securities market and investors’ decisions to sell large volumes of gold for profit.
On August 12, the world’s biggest SPDR Gold Trust Fund sold 12.77 tonnes of gold, reducing its reserve to 1,260.77 tonnes, the lowest level since early this month.
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