Gold prices continue to plummet

After falling by VND700,000 per tael on December 8, gold prices in the domestic market continued to decrease by an additional VND300,000 per tael on December 9.

The gold market has seen strong fluctuations and almost all businesses adjusted gold prices from VND36.1 million per tael on December 8 to VND35.75 million per tael on December 9.

Sacombank – (SBJ) gold bars were traded at around VND35.70-35.80 million per tael, down VND320,000-360,000 against the previous session.

According to SBJ, because of the recent rise in interest rate, the devaluation of gold prices has not attracted much public attention and many people want to sell gold now and deposit their money in banks.

In Hanoi, Thang Long dragon trademark gold was sold at VND35.73-35.85 million per tael.

In the world market, prices of gold and other precious metal plummeted while dollars continued to rise. According to experts from MF Global Holdings in Chicago, the gold market will go down as China continues to tighten its monetary policies. However, a survey by Bloomberg has shown that it continued to buy more gold on December 8.

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>   Banker suggest establishing national gold exchange (09/12/2010)

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>   Gold nose-dives VND700,000 per tael (09/12/2010)

>   Gold prices drop by VND600,000 per tael (08/12/2010)

>   World gold prices set new record (07/12/2010)

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