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Gold rises in the morning, then falls in the afternoon
Gold increased by about VND40,000 (US$2.28) per tael yesterday morning to as high as VND18 million ($1,028) due to increased demand from buyers.
By late afternoon it began to decrease.
At Bao Tin Minh Chau Jewellery Co (BTMC), gold traded at about VND17.90-18 million ($1,022-1,028) per tael.
The Sai Gon Jewellery Co (SJC) listed the buying-selling price at VND17.88-17.94 million ($1,021-1,025) per tael, up by VND30,000 yesterday morning.
Phu Quy Jewellery Co traded SJC gold brand at about VND17.88-17.97 million ($1,021-1,026) per tael.
The price increased to VND18.45 million ($1,054) at the Asia Commercial Bank's Gold Trading Bourse yesterday. The morning's orders totalled 53,540 taels worth VND983 billion ($56.17million).
Several Ha Noi gold dealers reported the volume of buyers was higher than sellers yesterday morning but gradually lowered by late afternoon.
BTMC staffer Nguyen Huu Dang said: "Obviously, local gold prices were matching the upward trend of global ones in the morning due to the rumour about increasing tension in the Middle East. Investors are so sensitive. They were taking advantage of prices."
"In fact, together with tension in the Middle East, forecasts about increasing gold prices in 2009 were encouraging investors to buy gold again," he said.
But investors dashed to the gold shops to sell in the late afternoon amid speculation about falling prices.
Global gold prices slipped slightly as a stronger dollar cashed in on the speculation. Gold is often bought as an alternative investment to the dollar and tends to move in the opposite direction to it.
At 5pm yesterday, the global spot price for gold was down to $862.50 per ounce, from $871 early afternoon.
Viet Nam News
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