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Gold prices drop to a lowest level
Domestic gold prices were transacted at VND18.62-18.68 million per tael on the morning of July 31, the lowest level over the past one month.
By 9am, 24-K gold at Bao Tin Minh Chau Gold, Silver and Gem Stone Company in Hanoi traded at VND18.6-18.75 million per tael with the buying and selling prices decreasing by VND100,000 per tael compared with transactions on the previous day.
Domestic gold prices fell due to a decline in the world’s gold prices. The gold price in New York was fixed at US$905.4/ounce on July 30 after it had dropped to US$894.5/ounce, the lowest level over the past one month.
Judging from some positive signs of the American economy, many people hoped that the price of oil would also decrease.
The US Federal Reserve System FED announced on July 30 several steps to enhance the effectiveness of its existing liquidity facilities, including the introduction of longer terms to maturity in its Term Auction Facility loans. In association with this change, the European Central Bank ECB and the Swiss National Bank are adapting the maturity of their operations.
Besides, USD is supported to increase its price and is standing at the highest level compared with EURO price after one month. In particular, a recent report from the US government showed that the US economy in the second quarter of this year had reached the highest growth rate since September 2007.
VOV
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