Local gold price dropped sharply by 500,000 dong to 44.5 million dong/tael

Local gold price dropped sharply by 500,000 dong to 44.5 million dong/tael (1.2 ounces) following world gold prices’ free fall this afternoon October 31.
This afternoon Oct. 31, on the world market, gold prices fell sharply to $1,710/oz, from $1,740/oz on last Friday after the Japanese government said it would make intervention on the currency market to prevent the appreciation of the Japanese yen.

In details, the price of gold futures in New York fell 2.3% to $1,707.7/oz, before recovering to $1,713/oz by 14:00 pm Vietnam time. Meanwhile, spot gold prices have dropped nearly 2% down to $1,705.89/oz, before recovering to $1,711/oz.

In Vietnam, as of early this afternoon today, SJC-branded gold of Saigon Jewelry Company was traded at 44.5 million/tael and 44.8 million dong/tael for bid and ask respectively, down 500,000 dong/tael against early this morning.

Similarly, Rong Thang Long gold , a product of Bao Tin Minh Chau Jewelry Company also was purchased at 44.5 million dong/ tael and sold at 44.8 million dong/ tael, down about 500,000 dong/tael compared to early this morning. – Source: Vietbiz24.com

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

Posted by VBN on Nov 1 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