VN gold prices lowest since 2012

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VN gold prices lowest since 2012

Vietnam News - 8/6/2015 10:17:00 AM

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Gold weakened further yesterday in Viet Nam, falling to the lowest levels since 2012, amid a continuing steady drop in world prices.

Sai Gon Jewellery Joint Stock Company (SJC) sold a tael of 37.5 grammes at VND32.94 million ($1,508), VND40,000-60,000 ($1.8-$2.7) down from last week.

The private Bao Tin Minh Chau Gold and Jewellery Company (BTMC) and Doji Gold and Gems Group listed their selling price at VND32.93 million. But they bought gold at VND32.88 million ($1,505), VND40,000 ($1.8) higher than the State-owned SJC's rate.

BTMC reported large sales, saying the buying-selling ratio was 65:35 compared to 60:40 normally. The company advised investors to buy to take advantage of the low prices.

The Phu Nhuan Jewellery Joint Stock Company said the recent fall in the local stock market due to the failure of the Trans Pacific Partnership talks and the State Bank of Viet Nam's efforts to control the forex market were affecting the gold market.

Both factors have made the gold market less attractive to local investors.

Global gold trading website Kitco.com yesterday listed the price of an ounce of the precious metal at $1,091.5, or $1,315 per tael.

Prices dropped for a third session in four on the day, closing in on a 5-1/2-year low, Reuters reported, with selling pressure supported by expectations that the US's Federal Reserve is set to raise interest rates this year.

The current gap between Vietnamese and international prices is $193 per tael.

The SBV, which has been strongly intervening in the gold market since 2013, said it is keeping track of the changes in prices and would intervene if needed.

The dollar remained stable against the dong at VND21,840.

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