Gold price sinks in the markets

Monday, Apr 21, 2014 14:27

Gold trading in HCM City. —Photo

HA NOI (Biz Hub) — The gold price fell both in Viet Nam and the world markets on April 21, although the forex rate was kept stable by the State Bank of Viet Nam (SBV).

The price in Viet Nam declined to VND110,000 (US$5.2) per tael from the end of last week. In the local market, one tael of the state-owned Saigon Jewellery Company (SJC) was sold at 35.39 million ($1,685) on April 21.

Meanwhile, the price on the global gold trading floor kept fluctuating in Asian trade that morning. It hit $1,300 per ounce, and at 11:47 a.m. Ha Noi time, it dropped to $1,285.10 per ounce or $1,548 per tael, a decline of $11.44 per tael compared with last week.

Most of the gold-market analysts involved in Kitco's gold survey observed that the price will plunge this week, saying that the US and Chinese economic situation will have an impact on the gold market, while traders also continue to monitor the tensions in Ukraine.

Thus, each tael of gold in Viet Nam was $137 higher than in the world market.

On the same day, Vietcombank and other commercial banks maintained an exchange rate of VND21,120 per US dollar, the same as last week.

The SBV kept the US dollar's exchange rate at VND21,036 on Monday, the same rate for nearly 10 months.— VNS

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