Gold plunges to VND47.23 million

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Báo Tuổi Trẻ English - 34 month(s) ago 4 readings

Gold plunges to VND47.23 million

Domestic gold prices late Wednesday slipped to VND47.23 million (US$2,289.61) per tael, down almost VND900,000 compared to yesterday.

Domestic gold prices today went down VND900,000 to VND47.23 million per tael. Photo: Tuoi Tre

The prices slumped VND400,000 early this morning before sliding a further VND500,000 at the end of the day.

Gold shops now still reap a pretty high margin – VND550,000 per tael.

The fall has made the gold market which is already busy even busier.

Buying prevailed in the market today, according to Bao Tin Bao Minh, a Hanoi-based jewelry company.

Domestic gold prices have logged two gaining sessions and a losing one so far this week in the country, and been in line with global prices for several days.

In a separate development, the State Bank of Vietnam (SBV) has decided to maintain the 14 percent cap on dong deposit interest rates in a bid to help bring lending interest rates for the manufacturing sector down to 17-19 percent from current 20.5-22 percent.

The central bank said it will also keep caps on interest rates paid for deposits denominated in foreign currencies by institutions and individuals.

It currently puts a 0.5 percent interest cap on deposits by institutions and a 2 percent rate limit on those by individuals.

The central bank has also issued a circular on the operations of credit institutions to pre-empt any surge in deposit interest rates.

SBV governor Nguyen Van Binh today said in another directive that the central bank will crack down on any credit institution that violates the caps.

SBV said at a meeting Wednesday in Hanoi that it will pursue a controlled and flexible monetary policy for the rest of the year to ensure an adequate cash supply, an under-20 percent credit growth, stable exchange rates, decreased inflation, and safety for the whole system.

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