Gold price drops sharply to below 43 million VND/tael
On the morning of October 20, the domestic gold price continuously decreased. From 43.25 million VND/tael at the opening, by 10:30, the selling price of gold at many large jewelry companies was only 43.05 million VND/tael.
The world gold price decreased last night, causing the domestic gold price to drop sharply this morning.
Saigon Jewelry Company in Ho Chi Minh City has changed the SJC gold trading price at least four times since the beginning of the day. In the listing at 10:07 a.m., the SJC gold buying price was 42.75 million VND/tael, the selling price was 43.05 million VND/tael, down 200,000 VND/tael compared to the opening time and down 450,000 VND/tael compared to the end of yesterday.
PNJ-DAB Phoenix gold bars of Phu Nhuan Jewelry Company at 10:23 bought and sold at 42.80 - 43 million VND/tael, respectively. In the 4th exchange rate update bulletin, Sacombank announced the buying price of SBJ gold bars at 42.81 million VND/tael, selling at 43.09 million VND/tael, down 650,000 VND and 550,000 VND/tael, respectively, compared to the closing price on October 19.
In Hanoi, the Thang Long Dragon gold bar of Bao Tin Minh Chau Company at 10:29 was commonly traded at: 42.95 - 43.25 million VND/tael. SJC gold listed at Phu Quy Jewelry Company at the same time was bought at 42.92 million VND/tael, sold at 43.22 million VND/tael.
The world gold price has yet to show signs of recovery. At the close of trading on the night of October 19 in New York (USA), gold futures for December fell by 5.5 USD to 1,647.20 USD/Oz, while spot gold lost another 9.1 USD to 1,646.50 USD/Oz.
US stocks fell last night after financial indicators showed the world's leading economy is growing slowly. Concerns about weakening purchasing power have pushed down prices of many commodities, most notably crude oil, which fell to its lowest level in a week.
Light, sweet crude futures traded in the US yesterday fell $2.24 to $86.29 a barrel – the lowest level since October 13. In the currency market, the USD recovered slightly. The EUR/USD exchange rate fluctuated slightly around 1.3760.
Domestically, the average interbank exchange rate announced by the State Bank increased by 5 VND to 20,738. The trading exchange rate of commercial banks also increased to 20,940 - 20,945 (buy - sell), 15 VND higher than yesterday morning. |
(According to Tien Phong)
