Gold depreciates VND900,000 per tael

The price of gold in Vietnam plummeted by nearly VND1 million per tael (1.2 ounces) over the previous day on August 14 as global gold price fell off US$1,500 an ounce.
Saigon Jewelry Company bought gold at VND41.25 million per tael and sold at VND41.6 million per tael, a decrease of VND600,000 per tael in both buying and selling rates, at 4 p.m. in Ho Chi Minh City.

At the same time in Hanoi, Doji Gold and Gems Group listed the price at VND41.27 million for buying and VND41.62 million per tael for selling, down VND600,000 per tael in buying rate and VND900,000 per tael in selling rate.

Domestic gold prices have been reflecting closely the movements of global bullion prices. Particularly, on global market, the yellow metal declined $9.6 an ounce to close at $1,501.9 an ounce on August 13 in New York.

At 3 p.m. Vietnamese time on August 14, spot gold lost $6.2 an ounce to trade at $1,497.5 an ounce. This price level was equivalent to VND42 million per tael, about VND400,000 per tael higher than domestic gold price.

Global stock market strongly rebounded after the trade war between the US and China cooled down so the Vietnam’s stock market also made a rather positive trading session on August 14. The VN-Index sometime rose by nearly 10 points in the trading session. However, rising momentum unexpectedly weakened at the end of the trading session.

By Nhung Nguyen – Translated by Thuy Doan

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