Gold prices fall back slightly after sharp increase

Domestic gold on April 13 was listed at VND26.51-26.57 million/tael, down by VND120,000/tael against the previous day, due to a decrease in the world’s gold prices.

In Hanoi, SJC gold stood at VND26.50-26.60 million/tael, while SBJ gold from the Sacombank Jewellery Company was transacted at VND26.53-26.57 million/tael, a fall of VND70,000/tael compared to April 12.

A similar decrease was seen in Ho Chi Minh City, as SJC gold was down by VND80,000-90,000/tael to finish VND26.52-26.58 million/tael.

This slight reduction in domestic gold prices was because of the change in the world gold prices. After reaching a peak of US$1,167 per ounce, the price of gold in New York quickly fell to US$1,163 per ounce on April 12.

Meanwhile, on the morning of April 13, in Asian markets, the price of gold moved from US$1,165 per ounce to US$1,152 per ounce, a drop of US$13 per ounce.

The fluctuation in gold prices had an effect on the USD/VND exchange rate. In the free market, the rate was listed at VND19,030-19,060 per US dollar, closely following the exchange rate announced by banks.

VOV

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