Gold down to VND35.09 million/tael

Vietnam’s gold price dropped by VND260,000 per tael to VND35.09 million per tael (US$1,799 per tael) by the end of Tuesday while international price fell from US$1,355 to US$1,325 per ounce.

International gold price converted to Vietnamese currency was VND33.7 million per tael (US$1,728 per tael), VND1.4 million lower than the local price.

Gold companies reported as they had used up all import quotas, they cannot supply the market with cheaper gold.

Gold buyers, on the other hand, don’t want to sell as most of them had bought their gold at VND36 million per tael (US$1,850 per tael).

Therefore, the market stayed sluggish despite gold price’s fall.

A tael is around 37.5 grams or 1.2 troy ounces.

tuoitrenews

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