Local gold price down strongly
The Saigon Times Daily
A salesperson shows two SJC gold taels. The domestic gold price plunged sharply on March 21 - PHOTO: TL
HCMC – The domestic gold price plunged sharply on March 21 though the world price of the yellow metal edged slightly lower.
Saigon Jewelry Company (SJC) on March 21 morning quoted the buying and selling prices at VND36.42 million and VND36.65 million per tael, down around VND150,000 per tael compared to the day before. But it adjusted up its buying price to VND36.45 million per tael in the afternoon. A tael equals to 1.2 troy ounces.
Meanwhile, DOJI Group was buying gold at around VND36.46 million and selling it at VND36.56 million on March 21 morning, nearly VND200,000 lower than the previous day. But later the respective prices rose to VND36.5 million and VND36.58 million in the afternoon.
Gold firms said local demand had remained lackluster despite the higher prices on the domestic market over the past few days.
The world gold price stood at US$1,227 an ounce on March 21, down US$7 over the previous trading session. Therefore, a tael of gold in Vietnam was about VND2.7 million higher than on the global market.
The world gold price is still supported by the U.S. Federal Reserve’s prudent move to raise interest rates. Furthermore, global investors are awaiting cues on Britain’s plan to start negotiations to leave the European Union later this month.
The exchange rate between the U.S. dollar and Vietnam dong remained stable at local banks on March 21, standing at VND22,740 for buying and VND22,820 for selling, though the State Bank of Vietnam slightly lifted the reference exchange rate to VND22,254 per dollar.