People scramble for cheaper gold

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People scramble for cheaper gold

Saigon Times - 7/22/2015 8:11:19 AM

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Gold buyers surged on July 20 as prices of the yellow metal tumbled in Vietnam and abroad, leading to a 30-40% rise in trading against previous days.

Saigon Jewelry Company (SJC) quoted gold at VND32.9 million a tael for buying and VND33.2 million for selling last night, down VND100,000 against last Saturday. Earlier, the price plunged to intraday lows of VND32.5 million and VND32.8 million respectively. A tael equals to 1.2 troy ounces.

SJC’s deputy sales director Nguyen Cong Tuong said global gold markets turned volatile and unpredictable on July 20, with the price plummeting by US$50 an ounce in the morning. The world price rebounded at 11:00 a.m. (local time) whereas Vietnamese citizens were scrambling for gold.

SJC saw its gold sales volume jumping 30-40% compared to previous days. However, its trading volume remained low as the market has been dormant over the year, Tuong said.

Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewelry Co. (PNJ), said trading at PNJ was low and that her firm was mainly selling. Customers tended to adopt a wait-and-see attitude because of strong fluctuations on Asia’s gold markets.

According to kitco.com, the gold price on the New York market was US$1,114.25 an ounce on July 20. Overnight, the price suddenly slumped from US$1,131.4 to US$1,081 an ounce.

Given Vietcombank’s foreign exchange rate at VND21,840 per U.S. dollar, the global gold price was VND29.34 million per tael, which was lower than the domestic price of VND3.86 million.

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