Gold price plummets

A tael of gold this morning, August 8, was priced at VND17.85 million, VND200,000 less than yesterday.

The international gold market also got cooler last night because of the revaluation of the US dollar against the Euro.

The Saigon Jewelry Company (SJC) announced early this morning the buying and selling prices for one tael of gold at VND17.67-VND17.73 million. Last afternoon, SJC sold a tael for VND18.06 million.

Bao Tin Minh Chau’s pieced gold also decreased by VND220,000/tael to VND17.85 million this morning. Phu Nhuan Jewelry Company’s gold price also fell to VND17,800/tael today.

Last afternoon, gold prices in Vietnam seemed to slightly recover after the international price inched up by $5/ounce. However, last night the world price dropped by nearly $20/ounce, from $884 to $867/ounce. This is the fifth consecutive day the gold price has decreased, by an average of over $10/day.

The USD is revaluating strongly against other key currencies, especially the euro, and this is causing the price of gold to fall. The exchange rate of the euro and USD this morning was $1.523:euro1.

The price of crude oil is less than $120/barrel.

In Hanoi, the USD price decreased by VND30 this morning, to VND16,530-16,570/USD (buying and selling prices).

VNN

>   Banks slightly decrease interest rates (09/08/2008)

>   License of new commercial joint stock banks temporarily halted (08/08/2008)

>   Joint-stock banks allowed to buy their own shares (08/08/2008)

>   Temasek aims for thriving business class in VN (08/08/2008)

>   Agribank extends 10 trillion VND credits for agriculture (08/08/2008)

>   Inflation down, FDI reaches record high (07/08/2008)

>   Bond coupon payment VE061102 (07/08/2008)

>   Gold falls to two-month low  (07/08/2008)

>   Vietnamese bonds, currency post gains  (07/08/2008)

>   Outstanding small entrepreneurs to be awarded (07/08/2008)