Gold price drops 800,000 dong/tael in week between Sep 5 and 10

In the week between September 5 and 10, the local gold price fluctuated between 47.3 million dong/tael and 47.9 million dong per tael and moved in the same direction with the world gold price. In the first three sessions of the week, the domestic gold price saw strong fluctuations.

In the session on September 6, sometimes the local gold price climbed to 48.2 million dong/tael as the global gold price set up a new record of $1,921 per ounce. Then, the global gold price witnessed free falls in the following two sessions, therefore the domestic gold price also slipped to 47.3 million dong per tael.

At the time of closing the week, the domestic gold price stood at 47.5 million dong/tael, down 800,000 dong/tael from the end of previous week.

The gap between the buying and selling prices was maintained at 200,000-300,000 dong/tael. Particularly, on September 6, the gold price changed unpredictably, so local gold dealers enlarged the difference between the buying and selling prices to 400,000-600,000 dong per tael.

Currently, gold is considered a sensitive item with big fluctuations in the market. So, general Department of Vietnam Customs proposed to include gold in the price risk management list.  - Vietbiz24

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

Posted by VBN on Sep 13 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry