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Gold tumbles on falling world price
Domestic gold prices fell by about 50,000 VND per tael on Feb. 2 to around 18.5 million VND (1,060 USD), tracking a sudden drop in global gold prices from their recent four-month high of around 930 USD per ounce to about 912 USD.
A tael is equal to about 1.2 ounces.
On global markets, gold fell more than 2 percent on Feb. 2, led by selling from speculators in China and bankers in Australia and by worries that the US economy would continue to sink.
On domestic markets, gold rose about 300,000 VND per tael to 18.7 million VND (1,075 USD) last week on strong buying. But in Hanoi on Feb. 2, Phu Nhuan Jewellery Co was offering buy/sell prices of 18.46 million VND/18.53 million VND per tael. At Bao Tin Minh Chau Jewellery Co and Saigon Jewellery, gold was trading at about 18.48 million VND/18.65 million VND per tael, while in HCM City , gold shops listed buy/sell prices of about 18.4-18.65 million VND per tael.
Meanwhile, at the Asia Commercial Bank gold trading bourse on Feb. 2, gold was trading at over 19 million VND (over 1,090 USD) per tael, close to the prevailing global price.
Hanoi gold dealers were reporting only moderate trading on Feb. 2, with few acting to take advantage of shifting prices.
Bao Tin Minh Chau’s Nguyen Huu Dang said that, since January 31, the company had bought about 1,000 taels each day.
“I’m considering selling gold,” said Dang Minh Tam, a customer of Saigon Jewellery on Tran Nhan Tong street in Hanoi . “I bought several taels before Tet (Lunar New Year) at about 17 million VND (973 USD). If I sell now, I culd gain a lot. But people say global gold prices may rise further over the next few days, and I hope the domestic price will go up, too.”
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