Gold price continues to drop

Global gold prices have fallen to a record seven-week low, causing domestic gold prices to drop by VND250,000 per tael.
On the morning of August 13, domestic gold was transacted at VND44.25-44.55 million/tael, down by VND250,000 compared to the day before.
In HCM City, SJC gold was listed at VND44.25-44.55 million/tael at 10 am while the same trademark of gold in Hanoi hovered around VND44.25-44.57 million/tael.
Thang Long Dragon gold at Bao Tin Minh Chau Company stood at VND43-46 million/tael.
Earlier on August 12, the price of gold in the US market dropped sharply to US$1,741.61 per ounce.
The falling gold prices are attributed to the strong increase in the price of shares on the European securities market and investors’ decisions to sell large volumes of gold for profit.
On August 12, the world’s biggest SPDR Gold Trust Fund sold 12.77 tonnes of gold, reducing its reserve to 1,260.77 tonnes, the lowest level since early this month. – VOV

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

Posted by VBN on Aug 15 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