Gold cools down

Thanks to rising momentum in global gold price, the price of gold in Vietnam continued to advance by nearly VND300,000 per tael to VND42.5 million per tael in the morning on August 9 then cooled down to just above VND42 million per tael.

Gold cools down

At 4.30 p.m., Saigon Jewelry Company bought gold at VND41.65 million per tael and sold at VND42.05 million per tael in Ho Chi Minh City.

Doji Gold and Gems Group purchased the precious metal at VND41.62 million per tael and sold at VND41.98 million per tael at the same time.

Although gold declined in the trading session on August 8 in New York, the heavy metal still stood at US$1,501.7 an ounce in spite of investors’ profit-taking. In the trading session in Asia, gold for immediate delivery was traded at $1,507.3 an ounce at around 11 a.m. Vietnamese time, an increase of $5.6 an ounce over the closing price in New York.

Global gold price was around VND200,000 per tael higher than domestic one.

Representative of the State Bank of Vietnam said that recent fluctuations in gold price as well as the US dollar exchange rate were mainly affected by global gold price and concerns that the trade war between the US and China would escalate. However, with the current foreign exchange reserves of $68 billion as well as in the first seven months of this year, foreign investors have net bought nearly VND13 trillion on the stock market and other factors, including steady macro-economy and well-controlled inflation, it is possible to control gold market and help to prevent foreign exchange market from price shocks.

By Nhung Nguyen – Translated by Thuy Doan

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