Jewellery firm supports gold

Sai Gon Jewellery Holding Co has imported four tonnes of gold and boosted gold sales to stabilise prices in accordance with an order from the State Bank of Viet Nam.

The company said it had enough gold reserves to support the market and would not use the latest gold import immediately.

The firm said it sold 30,000 taels on Friday, 10 times higher than previous days (one tael is equal to 1.2 troy ounces).

“We will try to bring the domestic price close to global prices,” company business department deputy head Nguyen Cong Tuong said.

State Bank governor Nguyen Van Giau said the central bank had intervened to make the domestic price match global price and warned that people should stay calm.

Last Friday, the domestic gold price lost VND1.2 million (US$64.86) over the previous day to hit a low of VND25.05 million ($1,354) per tael, driven by a 4 per cent dive in the global price.

After the jewellery company stopped trading for the weekend, private gold shops pushed the prices to VND25.4 million ($1.372) per tael.

However, it dropped yesterday, February 8, to VND25.25-25.30 million ($1,364-1,367) per tael when the jewellery company continued selling more gold.

Global gold for immediate delivery fluctuated between a gain of 0.5 per cent and a loss of 0.1 per cent before trading little changed at $1,067.94 an ounce yesterday morning in Singapore.

The greenback rose toward the highest level in eight months against the euro after concerns at mounting budget deficits in some European nations.

VietNamNet/Viet Nam News

Tags: Vietnam gold market, Vietnam gold price