Monday, March 30, 2020 5:22:33 PM - Markets open
VN-INDEX 662.26 -33.80/-4.86%
HNX-INDEX 93.28 -4.07/-4.18%
UPCOM-INDEX 47.63 -1.19/-2.43%
Gold prices may flutter to the end of the year - 9/8/2019 10:39:44 AM
 (0 ratings. You must sign in to rate.)
Gold prices right now are showing signs of decline, and experts warning the future forecast for the precious metal is unpredictable at best.
Trần Thanh Hải, chairman of the Vietnam Gold Investment and Trading Corporation, said it was not easy for short-term traders to earn profit from gold trading right now.
Those who are seeing good results are traders who bought gold when the price was between VNĐ35-37 million a tael (VNĐ26.25-27.75 million an ounce).
Ending the first week of September, selling prices on Friday ranged from between VNĐ42.23 million (US$1,815.89) and VNĐ42.47 million a tael at the two largest gold trading firm Bảo Tín Minh Châu and SJC.
The price levels were down about VNĐ500,000 ($21.5) from those recorded on August 30 – the last trading day that month.
On international markets, gold dropped 0.83 per cent on Friday to trade at $1,512.80 an ounce.
In the last three months, domestic gold prices had surged but trading had gone quiet, business insiders said.
The number of buyers was almost unchanged in the first week of September compared to the previous week, they said.
People sold more than they bought, forcing gold companies to lower their buying prices to prevent selling, they added.
Banking experts said that gold was no longer an attractive investment, especially when commercial banks were offering high saving interest rates – which is considered safer and more profitable at the moment than gold.
As a result, banks are not paying attention to buying gold, leading to the decline of gold traders and investors at the bank, according to the experts.
Sales of gold and gold products in the last two months were up only 1-2 per cent compared to the previous period, Nguyễn Hoàng Minh, deputy governor of the State Bank of Vietnam’s HCM City branch, told local media.
The modest increase indicated demand was growing slowly despite strong gains in both domestic and international markets, he said.
“Financial institutions have suspended gold lending and borrowing for years,” Minh said.
“The amount of gold available for lending is quite negligible. The central bank’s HCM City office has kept up with the movement of gold prices to deliver proper responses but actual demand and sales of gold and gold products are quite weak.”
In the remaining months of the year, international gold prices might not reach $2,000 an ounce while it might continue falling in a short period before going again in medium and long terms, investment consultant Phan Dũng Khánh at Maybank Kim Eng Securities Co said.
Gold might move between $1,500-1,600 an ounce or VNĐ42-45 million per tael. It was unlikely that gold would soar in the remaining period of the year, he said.
But the future movement of gold prices was still uncertain, analysts have said. Investors should not jump in the gold market at the moment especially if they had not kept a close watch on the gold prices. — VNS
Read original article here
Newer News
14:17 Reference exchange rate continues to go down at week’s beginning
27/03 Reference exchange rate continues going down
26/03 Reference exchange rate down 5 VND on March 26
26/03 Foreign currency market stabilised following central bank’s intervention
23/03 Reference exchange rate up for 7th consecutive day, rates at banks surge
19/03 Reference exchange rate continues going up
18/03 Reference exchange rate up 5 VND on March 18
17/03 Reference exchange rate up 5 VND on March 17
16/03 Reference exchange rate up 10 VND at week’s beginning
13/03 Reference exchange rate up 15 VND on March 13
Older News
06/09 Reference exchange rate continues to go down September 6
04/09 Reference exchange rate up 7 VND on September 4
03/09 Reference exchange rate up 6 VND on September 3
30/08 Reference exchange rate unchanged on August 30
29/08 Reference exchange rate up 4 VND on August 29
28/08 Reference exchange rate down 1 VND on August 28
27/08 Local gold price hits seven-year peak amid trade tensions
27/08 Reference exchange rate up 16 VND on August 27
26/08 Reference exchange rate down 13VND on August 26
23/08 Reference exchange rate up 11 VND on August 23
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
VN shares mixed, but growth expected to return
Market Update
Last updated at 3:10:07 PM
VN-INDEX 662.26 -33.80/-4.86%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.