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Gold price up and down continuously
The gold price unexpectedly rose by VND350,000/tael today, October 10, in the morning over the previous day, but then dropped sharply. The same thing is happening in the world’s market with the future price decreasing sharply and spot price increasing.
SJC gold opened the new day with the price up by VND350,000/tael compared to 4 pm on October 9, to VND17.95mil/tael (purchase) and VND18.25mil/tael (sale).
After that, at 10 am, the gold price dropped slightly by VND50,000/tael to VND17.9mil-18.2mil/tael. And just several minutes later, the price dropped again to VND18.05mil/tael.
Explaining the continued gold price decreases, a representative of SJC Hanoi said that the purchasing demand in the market proves to be low, which has forced the company to offer softer prices in order to stimulate demand.
1,400 taels of gold were traded at SIC Hanoi yesterday, an increase of 20% over the day before.
Bao Tin Minh Chau Gold Company also made 5-6 adjustments today. At the opening, it offered the price of VND18-18.2mil/taael, up by VND350,000/tael over yesterday afternoon, but the price then fell to VND17.75-18.05mil/tael at 10 am.
Going contrary to the in-kind gold market, the gold price on ACB gold trading floor this morning reportedly stayed firm at VND18.32mil/tael. By 10.30 am, the floor had seen 167,000 taels of gold change hands, worth VND3tril.
The gold price has also been going up and down regularly in the world’s market. The gold price with future delivery in December in New York yesterday decreased by $20 (2.2%) to $886.5/oz, while the spot price increased by $5.9 to $912.4/oz.
In the Asian market, the gold spot price surged to $923.8/oz, and then dropped to $915.3/oz at 10.30 am.
The ups and downs of the gold price show that investors are trying to surf on investments.
Meanwhile, local newspapers quoted experts as saying that the worries about the slowdown of the global economy has pushed the crude oil price back to the $80/barrel threshold. The gold price keeps increasing, but the increase has been slowing down for fear that the demand for gold will also decrease in the context of the global economic recession.
Vietcombank today quoted the exchange rate of VND16,620/US$1, which means that the gold price in the Asian market at 10.30 am this morning was equal to VND18.65mil/tael. As such, the world’s gold price is VND500-650,000/tael higher than the domestic price.
The exchange rate announced by the State Bank of Vietnam was VND16,518/US$1, or VND3/US$1 higher than yesterday. Meanwhile, Vietcombank’s exchange rates were VND16,550/US$1 and VND16,620/US$1 (purchase and sale), decreases of VND10 and VND20/US$1, respectively, from yesterday.
VNN
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