Traders sell 8 tonnes of gold in three days

From October 6 to noon Saturday (October 8), about eight tonnes of gold were sold for people, investors as well as gold shops, according to the provisional figure of a gold trader that is involved in the gold market intervention group allowed by the State Bank of Vietnam (SBV).
Accordingly, in the first day (October 6), gold dealers sold the biggest volume of over five tonnes of gold and the volume halved in October 7 and 8.

Vietbiz24.com cited some businesses and experts as saying that investors and speculators of gold are suspending the purchase of gold to observe the market because the local gold price has been continuously falling and the gap between the global and local gold price has been narrowed.

Nguyen Cong Truong, Deputy Head of the Gold Trade Division under the Saigon Jewelry Co (SJC) said that in the upcoming time, gold dealers who join market intervention group will continue to drag the domestic gold price to be closer to the global counterpart with the difference of some 500,000 dong per tael.

With this price level, if including enough taxes and fees, gold traders will earn about 100,000 dong per tael. – Source: Vietbiz24.com

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

Posted by VBN on Oct 11 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