Gold price falls

The Saigon Jewelry Company said its gold price decreased by VND250,000 (US$15) per tael to VND17.65 million ($1,056), or $892 per ounce, in Ho Chi Minh City and to VND17.62 million ($1,054) in Hanoi.

The price of gold also fell on global markets Friday, declining by more than $30 per ounce to $847 per ounce (one tael equals 1.2 ounces).

The Vietnam Export Import Commercial Joint-Stock Bank attributed the decrease to news the US government had a plan to prop up financial markets. Gold is usually considered a safe haven for investors when stock markets are in turmoil.

A representative of Saigon Jewelry Company said the domestic gold market was sluggish, in contrast to the market on Thursday when the domestic gold price increased by VND1.37 million ($82) to VND18.3 million ($1,095) per tael, causing locals to sell record amounts of gold.

Thanhnien

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