Domestic gold price falls, stays above global rate

Tuesday, Mar 18, 2014 16:26

Price for each tael gold in Viet Nam is still $85 higher than the international price on March 18.— Photo

HA NOI (Biz Hub) — The domestic gold price fell by VND290,000, or US$13, per tael, while the State Bank of Viet Nam cut interest rates for refinancing and deposits on March 18.

The price of the State-owned gold SJC was listed at VND36.19 million, or $1,723, per tael at the Saigon Jewelry Company Limited, while on the trading floor, the precious metal was sold at $1,359.6 per ounce or $1,638 per tael. Thus the international price was still $85 lower than the domestic price for each tael.

Two day earlier, at a press conference, SBV's Director of Forex Department Nguyen Quang Huy said the central bank has not intervened in the local gold market as it has seen the stability in both the price and the trading volume. However, Huy added that the move did not mean that SBV would stop its gold auction to stabilise the market in the future. He said the central bank was considering the gold businesses' request on the import of raw gold for the local manufacturing of gold jewelry.

Also on March 18, SBV cut the interest rate for refinancing from 7 to 6.5 per cent and the deposit interest rate from 7 to 6 per cent. —VNS

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