Domestic gold fluctuates, central bank eyes imports

At 5:00 pm, closing gold price in the domestic market exceeded VND44.5-45.6 million a tael for bid and ask after plummeting to below VND43 million a teal 3 hours ago.

The U-turn of gold price took place at 3:00 pm after it dropped by VND2-3 million a tael to VND42-42.8 million a tael for bid and ask at 2:00 pm, the opening of afternoon trading session.

The domestic market has closely tracked the reverse movement of the world trend which recovered to $1,624 per ounce at 5:50 pm local time after losing more than $100 an ounce to less than $ 1,555 an ounce.

But it was still some VND4.6 million a tael pricier than its international counterpart.

The unofficial forex rate today gained VND100 a dollar to over VND21,300 a dollar, though the official rate set by the central bank still remained unchanged at VND20,834 a dollar.

Closing gold price today fell VND400,000-700,000 a teal for bid and ask compared to that on Sunday.

Saigon Jewelry Co, Vietnam’s biggest gold trader with around 90 percent market share, told Saigon Tiep Thi newspaper they had sold 10,000 taels of gold in the morning session.

At 9:30 am local time, the domestic gold price dropped another VND200,000 per tael from the previously updated price. The SJC gold price in Hanoi was traded at VND44.4-44.82 million a tael, while the Sacombank Jewelry Co (SBJ) gold price was traded at 44.41-44.89 million a tael.

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Tags: vietnam gold, Vietnam gold market, Vietnam gold prices