Gold, stocks decline simultaneously

The price of gold in Vietnam retreated from the recently-made record high of VND43 million per tael (1.2 ounces) on August 27 as global bullion price failed to maintain at a more-than-six-year high.

Gold, stocks decline simultaneously

Saigon Jewelry Company bought gold at VND42.3 million per tael and sold at VND42.7 million per tael, down VND150,000 per tael compared to the previous day.

Meanwhile, in Hanoi, Doji Gold and Gems Group listed the price at VND42.2 million per tael for buying and VND42.9 million per tael for selling, a decrease of VND150,000 per tael in buying rate and VND450,000 per tael in selling rate over the previous day.

In global market, the precious metal was unable to maintain the US$1,550 an ounce mark. Particularly, the price of gold in New York on August 26 fell to $1,527.6 an ounce. In Asia, spot gold stood at $1,527.3 an ounce, down $0.3 an ounce at 10 a.m. Vietnamese time on August 27.  Global gold price was around VND100,000-VND200,000 per tael lower than domestic one.

In related news, after plummeting heavily in the previous trading session, although foreign investors reduced selling, the Vietnam’s benchmark VN-Index continued to lose nearly 7 points on August 27. Although the market recovered well most of the time in the trading session, selling pressure strengthened at the end of the trading session, concentrating on large-cap stocks, including MSN, VCB, VIC, VRE, NVL and VNM, causing the market to drop nearly 7 points.

The VN-Index sank 6.09 points, or 0.62 percent, to close at 976.79 points. Meanwhile, the HNX-Index of the smaller bourse in the north moved conversely, adding up 0.05 points, or 0.05 percent, to 102.86 points.

Foreign investors continued to net sell on both trading floors but total net selling value was merely VND66.5 billion, much lower than a value of VND197 billion in the previous trading session. Market liquidity was fairly high with total trading volume reaching 223 million shares, worth VND5 trillion.

By Nhung Nguyen – Translated by Thuy Doan

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