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Gold market becomes quiet again
After two trading bustling trading sessions earlier this week, Hanoi gold market has fallen into quietness again. On February 5, big gold traders had to slash the sale prices, while raising the purchase prices.
Phuong Hoang PNJ-DAB brand name gold of Phu Nhuan Jewellery Company, Hanoi branch was traded at VND18.45mil/tael (purchase price) and VND18.53mil (sale) this morning, while the yesterday’s prices were VND18.43mil/tael and VND18.55mil/tael, respectively.
SJC bar gold in Hanoi was traded with similar price levels, VND18.44mil/tael (purchase) and VND18.52mil/tael (sale).
The sale activities on Tran Nhan Tong street area, which gathers big gold shops of Hanoi, have become quiet again after two bustling trading sessions.
“People rushed to bring gold to sell at gold shops earlier this week. However, they have stopped sale, as they have found out that the gold prices have not fluctuated heavily. The market has become quiet again,” said a salesman on Tran Nhan Tong street area.
The volume of gold sold and purchased on February 4 decreased by some 50-70% over the previous trading session.
PNJ Hanoi said that on February 4, the company purchased over 50 taels of bar gold, while selling some 60 taels.
The domestic prices have not seen big fluctuations as the prices in the world have been hovering around $900/oz threshold.
The world’s gold price with spot delivery at 10 am of February 5 (Hanoi time) reportedly stayed at $903.7/oz.
The world’s price seems to decrease slightly as speculators have sold gold to get profit after the gold price soared at the end of January to the highest peak since July 2008.
The gold price with delivery in March has seen a slight increase of $3.4/oz, or 0.38% in comparison with the closing price of February 4, to $905.6/oz.
The gold price in the first half of December 2008 was less than VND17mil/tael.
Ha Linh
vietnamnet
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