Domestic gold price higher than global VND5 million per tael

Although the global gold price continued to drop sharply, the price of gold in Vietnam still rebounded on March 19.
Saigon Jewelry Company bought gold at VND45.8 million per tael and sold at VND46.62 million per tael, an increase of VND350,000 per tael in both buying and selling prices, in the late afternoon in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau purchased gold at VND45.6 million per tael and sold at VND46.2 million per tael, an increase of VND50,000 per tael in both buying and selling prices.

In global gold price, spot gold was traded at US$1,474 an ounce, down $60 an ounce at 2 p.m., Vietnamese time. After conversion, the global gold price was at VND41.6 million per tael, lower than the domestic gold price by more than VND5 million per tael, the highest gap in several years.

Vietnam’s stock market sank nearly 22 points on March 19. However, the market saw pretty strong bottom-fishing demand, helping some large-cap stocks to recover, including SSI, VCB, and TPB, narrowing significantly the losing momentum of main indicators. The VN-Index plunged 21.72 points, or 2.91 percent, to close at 725.94 points with 313 stocks losing, 69 winning and 44 remaining unchanged.

The HNX-Index declined 0.85 points, or 0.83 percent, to close at 100.99 points with 100 stocks falling, 55 gaining, and 56 treading water.

Market liquidity was equal to the previous trading session with the total trading volume on both trading floors at 447 million shares, worth VND4.8 trillion. Foreign investors continued to net sell for the 28th consecutive trading session with a total value of VND513 billion.

By Nhung Nguyen – Translated by Thanh Nha

Other news