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Speculators ignore rain to sell gold
Speculators ignored the rain in Ha Noi, Hai Phong and HCM City yesterday to sell their gold.
They did so as the precious metal continued its downward spiral to lose more than VND150,000 to VND19.65 million (US$1,110) per tael.
Amid the noise, the price ranged from VND19.59-19.69 million ($1,106-1,112) per tael – about VND550,000 per tael higher than the world price.
The figures meant the domestic price of gold had lost VND250,000-270,000 per tael in just two days after rallying to VND19.9 million ($1,124) per tael in four consecutive sessions.
"The sudden increase to VND20 million per tael last week encouraged profit taking, said Bao Tin Minh Chau business manager Nguyen Huu Dang.
"Gold then lost about VND150,000 per tael, but still many investors continued to sell," he said.
PNJ Ha Noi reported sellers outnumbered buyers three to one.
Gold exchanges in Ha Noi reported noisy trading with orders popularly matched at VND19.02-19.23 million per tael.
The Sai Gon Jewellery Holding Co and Bao Tin Minh Chau Jewellery Co listed the buying and selling price at about VND19.58-19.68 million per tael.
The Phu Quy Jewellery Co traded its gold leaf at VND19.59-19.66 million per tael.
Sacombank traded gold at about VND19.54-19.67 million per tael and Phu Nhuan Jewellery Co sold PNJ-DAB gold leaf at VND19.60-19.65 million per tael.
"My experience shows that domestic gold almost always follows the global price so I have no reason to hold it when the global price is extending its losses,"retailer Nguyen Thi The said at the Kim Hien Gold Shop, Hai Phong,
"At VND19.62 million per tael, I have gained VND8.6 million for 10 taels and that’s okay."
Currency
The State Bank of Viet Nam listed the interbank rate at VND16.937 per US dollar, up VND1 against Tuesday.
Vietcombank listed buying, transferring and selling at VND17,784 per dollar – in the upper limit of daily trading band.
Global gold slipped after its failure to break above about $918 an ounce spurred by more technical selling as investors unwound ahead of a Federal Reserve meeting and US Gross Domestic Product data.
Spot gold was quoted at $889.70 an ounce, down $1.40 from New York’s notional close on Tuesday, when it posted its biggest daily percentage drop in almost two weeks.
Gold had rallied to a near four-week high of $918.25 on Monday as equity markets fell, due partly to fears that the swine-flu outbreak could hurt the economy, and hopes that China could buy more gold to boost its reserves.
The dollar dropped against the euro on Tuesday as improving US data trimmed demand for the greenback as a safe haven and a European Central Bank official damped expectations for quantitative easing.
VietNamNet, vietnamnews
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