SJC reprocesses 45,000 taels of gold

The source informed SJC gold bar factory had resumed operation. The factory is handling 7,000 taels of deformed SJC gold bars as well as reprocessing disfigured gold bars of other traders.

Gold bars are continuously launched from SJC to stabilize the market. According to the source, this is the reason why gold prices cooled down again on Monday afternoon.

At present, gold bars under processing at SJC amount to tens of thousands of taels, sufficient to supply to the market in the coming days. A tael equals 1.2 troy ounces.

After falling sharply last weekend, gold prices picked up again on Monday morning as demand of citizens still stayed high.

SJC quoted gold prices at VND44.4 million per tael for buying and VND44.6 million for selling at 1 p.m. on Monday, up VND350,000 against last Saturday. There were times when gold prices hit VND44.7 million per tael on Monday morning.

Nguyen Cong Tuong, deputy sales manager of SJC, said buying demand continued to rise on Monday morning. However, selling energy got stronger by the afternoon, balancing supply and demand.

SJC bought 2,800 taels and sold 3,300 taels on Monday morning, up slightly against last weekend.

Global gold prices in the Asian market inched up by US$3 per ounce on Monday over the previous session, standing at US$1,673 an ounce.

According to the gold market newsletter of Sacombank-SBJ Jewelry Company, gold prices are forecast to increase in September.

In related news, the U.S. dollar price went down on Monday after almost hitting VND21,000 per dollar last Friday.

The greenback was quoted at Vietcombank at VND20,830 for buying and VND20,880 for selling, down VND110 against last Friday. Prices quoted at ACB and Eximbank fluctuated around this level.