Gold prices drop by VND200,000/tael

After many consecutive days of soaring, domestic gold prices suddenly saw a sharp fall of VND200,000/tael on June 4.

This was attributed to the strong decrease in gold prices on the world market, while the price of the US dollar went up and the price of oil slumped.

By 3pm on June 4, gold prices on the local market fluctuated between VND21.05-VND21.30 million/tael. The prices have experienced rapid changes during the past four days, reaching a record high of 21.70 million/tael on June 1.

Gold traders said that the sharp downward spike will increase the purchasing power of small-scale investors. In one SJC shop alone in Hanoi, tens of taels were sold out within one hour on the morning of June 4.

On the global market, gold dropped 2 percent from US$981.1/ounce to US$962.6/ounce on June 4. This is the largest daily drop in the past two months.

vov

>   US$ IRs lowered, but not low enough to attract businesses (04/06/2009)

>   VAFI suggests tax exemption to stimulate demand (04/06/2009)

>   SBV: Businesses won’t be forced to sell dollars (04/06/2009)

>   Vietnam rate may be on hold until 2010: Standard Chartered (04/06/2009)

>   Gold prices rise higher as traders keep low profile (04/06/2009)

>   Tariff on fuel oil cut by 5% (03/06/2009)

>   Vietnam vows no compulsory forex sales (03/06/2009)

>   The bitter sorrows of businessmen: Going wrong (03/06/2009)

>   SBV holds mid-year conference (02/06/2009)

>   SOCBs reach consensus on IRM and forex market stability (02/06/2009)