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Gold prices down, purchases up   2009-07-07 - VietNamNet, TBKTVN

The domestic gold price this morning, July 7, saw another decrease of 30,000 dong per tael from yesterday after the world witnessed another price decrease at yesterday’s trading session. The gold price decreases, though in dribs and drabs, have lured more customers to gold shops.

 

 
The gold price today continued the trend of decreasing by seeing another decrease of 30,000 dong per tael to 20,800,000 dong per tael. At Sacombank, SBJ brand name gold is selling at 20,920,000 dong per tael, while the bank purchases at 20,840,000 dong per tael.

 

Domestic gold traders said that the gold price decreases over the last one week have helped improve demand in the market.

 

In Hanoi, Phuong Hoang brand name bar gold was offered by Phu Nhuan Jewellery Company (PNJ) this morning at 20,860,000 dong per tael. In HCM City, Phuong Hoang brand name gold was quoted by PNJ at the price lower by 10,000 dong per tael than the price in Hanoi.

 

According to PNJ Hanoi, its clients mostly purchased bar gold at the company yesterday to keep as assets, while the sellers are mostly ones who need money to make payments or pay debts. Meanwhile, big investors will not return while gold prices are fluctuating. The current gold prices at this moment are still considered as bringing low profitability.

 

PNJ yesterday sold more than 500 taels and purchased nearly 1,000 taels. However, most of the transactions were made with other gold trading companies in Hanoi.

 

SJC brand name gold offered by SJC Hanoi earlier this morning was 20,800,000-20,900,000 per tael. Meanwhile, Rong Thang Long brand gold of Bao Tin Minh Chau was offered at 20,890,000 dong per tael.

 

The domestic prices are higher by 1.1 million dong per tael than the world’s levels. As domestic prices have been decreasing more slowly than the world’s prices, the gap between the markets’ prices has become bigger.

 

The 20 million dong per tael threshold at SBJ gold trading floor was cleared. At 9.57 am this morning, the gold price in the transactions at the centre was at 19.78-19.87 million dong per tael. SBJ raised the fee for gold withdrawal to 1.1 million dong per tael, equal to the gap between the domestic and the world’s prices.

 

In the world’s market, the gold price has fallen to the deepest low in the last half a month. In New York last night, the gold market witnessed another trading session of price decreasing, where the gold price lost $6.9/oz (0.7 percent) over the closing price of the previous session to $925.9/oz.

 

At 10.20 am this morning, Hanoi time, the gold price (spot delivery) in Asia decreased by another $1/oz over the New York closing price.

 

However, analysts say that it is very difficult to give predictions about the gold price tendency as there are contradictory predictions about the dollar’s value. The gold price always goes the opposite way as the dollar price’s performance.

 

The VND/US$ exchange rate announced by the State Bank of Vietnam this morning was 16,956 dong per dollar, an increase of one dollar over yesterday’s exchange rate. Vietcombank quotes the same purchase and sale price at 17,804 dong per dollar.

 



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