Local gold price slips to below 43.6m dong/tael on Oct. 7

The global gold price dropped over $10 per ounce from the noon Oct. 7th and the local counterpart also declined another 400,000 dong/tael (1.2 oz).
At 4:15 pm local time, the SJC gold price in Hanoi decreased additional 400,000 dong per tael from the noon Oct. 7th to trade at 43.15-43.57 million dong/tael.

In comparison with late yesterday, the SJC gold price dropped 500,000 dong/tael and 700,000 dong/tael from last weekend.

The Rong Thang Long gold price of Bao Tin Minh Chau slipped only 250,000 dong/tael from the noon Oct. 7th to trade at 43.35-43.85 million dong/tael.

In the world market, the gold price returned to fall from the updated price at noon Oct. 7th. Accordingly, the global gold price for December delivery on Comex, New York was at $1,654.6 per ounce, down $10 per ounce from 11:00 am.

The spot gold price on Kitco floor also slipped $12 per ounce to $1,651 per ounce.

At 11:00 am the SJC gold price in Hanoi tumbled 100,000 dong per tael from early morning to trade at 43.55-43.97 million dong per tael (buying-selling prices).

The SBJ-Sacombank gold price also slipped 100,000 dong to 43.94 million dong/tael (selling price) and 43.56 million dong/tael (buying price). The Rong Vang Thang Long gold price of Bao Tin Minh Chau was at 43.75-44.1 million dong/tael. In comparison to last weekend, the gold price lost 300,000 dong per tael.

On October 6, the State Bank of Vietnam (SBV) allowed Eastern Asia Commercial Joint Stock Bank (EAB), ACB, Techcombank, Eximbank and Sacombank together with Saigon Jewelry Co (SJC) to sell gold to stabilize the local market. The selling price of banks will be the SJC gold price.

As reported by the local newswire Tuoi Tre (Young), on October 6, banks and gold traders sold over five tonnes of gold, equalling to over 130,000 taels of gold. But this figure accounted for only a small part in the gold fund of five banks and SJC.

In the next days, the market intervention will be continued till reaching the suitable price level between the local and global gold price and stable forex rate. – Source: Vietbiz24.com

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