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Gold slips, dollar firms after Tet
Gold prices edged down while the US dollar continued strong on the black market on Feb. 08, with jewellers reporting weak sales on the first day back from the Tet (Lunar new year) holiday.
Major gold dealers in Ha Noi and HCM City, including Sai Gon Jewelry Company, Sacombank Jewelry Company, Bao Tin Minh Chau, Agribank Jewelry Company, and Phu Nhuaân Jewelry Company. all quoted buy/sell prices of VND35.55-35.95 million (US$1,653-1,672) per tael, down VND130,000 per tael from the last day of trading before Tet. (One tael is equivalent to 1.2 ounces.)
The domestic gold price has now increased by a cumulative 30 per cent in the past 13 months.
Global prices were up $1.44 to $1,351.90 an ounce yesterday, with the unrest in Egypt scaring off some buyers but a strong rupee igniting purchases by main consumer India ahead of its wedding season.
Current gold prices remained well below the all-time high they set in December of around $1,430 an ounce.
The US dollar, meanwhile, continued to climb in value on the black market yesterday to about VND21,400-21,500, up VND320 against the previous week, with trading remaining quiet. The official exchange rate remained at VND18,932, while commercial banks continued to quote a nominal sell price of VND19,500.
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