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Gold prices slump
Domestic gold prices have dropped by about VND300,000 to hit VND19.1 million per tael following a dramatic decline in world gold prices to below US$900 per ounce for the second time on Wednesday.
Over the past two days, gold prices on the free market fell by more than VND500,000 per tael, creating a gloomy mood on the transaction floor.
On early Wednesday, SJC gold bars in Hanoi were bought at VND19 million per tael and sold for VND19.15 million, down VND300,000 and 370,000 respectively from yesterday.
At the Phu Quy Gold, Silver and Gemstone company, the same type of gold bars cost VND19.02 million per tael to buy and sold for VND19.1 million, a drop of VND300,000 and VND280,000 per tael respectively.
The corresponding figures for the Rong Thang Long gold bars of the Bao Tin Minh Chau company were VND19 million and VND19.1 million, a decline of VND250,000 and VND300,000 respectively.
As a result, world gold prices remain VND250,000-300,000 lower than domestic gold prices on the free market.
The price of the US dollar has also been increased on the banking market. The figure released by the State Bank of Vietnam today is VND16,977 per US$, up VND2 against yesterday. US dollars are bought and sold at VND17,486 per US$ at Vietcombank, also up VND2 from the previous rate.
VOV
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