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Gold market bounces back
The Hanoi gold market on November 25 in the afternoon and November 26 in the morning unexpectedly became bustling as investors took gold to gold shops to sell as the shops had raised their purchase prices, bringing purchase prices closer to sale prices.
The gold shops on Tran Nhan Tong Street in Hanoi have been very bustling for the last two days with a lot of sellers and buyers. The staff of one of the shops there said that the purchase and sale volumes of gold on November 25 unexpectedly increased by seven times over the previous trading session. The staff also affirmed that there were also many clients on November 26.
Phu Nhuan Jewellery Company Hanoi Branch said that during the November 26 trading session, it sold 70 taels, while it purchased over 150 taels, or seven times higher than the trading volume the previous session.
Trading activities have become more bustling as purchase prices were unexpectedly raised by gold shops at 10 am on November 25 to VND16.9-16.92mil/tael from VND16.75-16.8mil/tael. The higher offered purchased price has prompted investors who purchased gold before at VND16.5mil/tael to sell.
Meanwhile, the sale prices quoted by gold trading firms have been hovering around VND17mil/tael the last two sessions.
Phuong Hoang brand name bar gold PNJ-DAB by PNJ Hanoi Branch at 10 am of November 26 was traded at VND16,9mil/tael (purchase) and VND17.04mil/tael (sale), while the price levels were VND16.9-16.99mil/tael, respectively at the end of November 25.
The price levels offered by Bao Tin Minh Chau and SJC Phu Quy in Hanoi have stayed the same.
Prior to that, the gold price on November 20 dropped to a record low in the last many months to VND16.39mil/tael (purchase) and VND16.48mil (sale).
In the world’s market, the gold price has been decreasing slightly since reaching over $830/oz.
At 9.30 am on November 26, Hanoi time, the gold price with December delivery was $813/oz.
Nhat Linh
Viet Nam net
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