HCMC – In response to the global price uptrend, local gold rose by VND570,000 on Tuesday morning to surpass the VND49 million per tael level but dropped back in the afternoon as the European gold price rally subsided.
Gold fluctuates, buying surges
By Thuy Linh - The Saigon Times Daily
HCMC – In response to the global price uptrend, local gold rose by VND570,000 on Tuesday morning to surpass the VND49 million per tael level but dropped back in the afternoon as the European gold price rally subsided.
At the end of the day, Saigon Jewelry Holding Co. (SJC) put the price of the yellow metal at VND48.15 million per tael for buying and VND48.45 million for selling, down VND450,000 from the morning but VND120,000 higher than on the previous day. A tael equals to 1.2 troy ounces.
In Hanoi, Bao Tin Minh Chau Jewelry Co. quoted gold at VND48.15 million and VND48.47 million per tael for buying and selling respectively.
Despite the price decline, gold trading remained busy. A representative of Sacombank Jewelry Co. (SBJ) said the market was still not influenced by a statement of the central bank that said it would tighten controls on gold trading.
Therefore, investors and people still rushed to buy gold in anticipation that the global price would keep soaring given instability of the global economy and the gold markets of India and China entering into the peak season.
In the area around Ben Thanh Market and An Dong Market in HCMC, many gold shops saw high demand for gold buying while sellers were limited.
Nguyen Cong Tuong, deputy sales manager of SJC, said as of Tuesday afternoon the firm had sold 9,000 taels of gold and bought almost nothing. Meanwhile, general director Vu Minh Chau of Bao Tin Minh Chau Co. said the same situation occurred at his company.
Buying power prevailed against selling, making the local gold price some VND900,000 per tael higher than the world level.
On the European market, 5:10 p.m. (Hanoi time) saw gold staying at US$1,881.6 an ounce, down by US$30.2 against the record set in the morning.