Gold prices continue to fluctuate sharply

Friday, Jul 08, 2016 12:25

DOJI experiences more selling than buying after a long quiet period in gold trading activities in th last two days. — Photo Doji

HA NOI (Biz Hub) — Gold prices kept sharply fluctuating this morning, slumping heavily in early trading and recovering before noon.

Opening at 8.35am, DOJI sold a tael of SJC gold bars at VND36.8 million (US$1,642) and bought it at VND36.3 million, a fall of VND450,000 and VND200,000, respectively, compared to yesterday's rate. Then it lowered the selling price for one tael by VND250,000 and the buying price by VND150,000 to set the rates at VND36.15 million and VND36.55 million, respectively.

Later in the morning, DOJI raised the buying and selling prices to VND36.67 million and VND37.10 million, respectively.

Thus, compared with the peak of VND40 million per tael recorded on July 6, each tael of gold fell nearly VND3 million in the local market.

A DOJI representative said in the past two days, the market saw more selling than buying after a long quiet period in gold trading activities. At yesterday's trading session, DOJI recorded a ratio of 65/35 in selling and buying in their network.

In the global market, gold edged down early on Friday, with investors staying cautious ahead of the release of American economic data later in the day, but the metal remained on course for a sixth straight weekly gain. On the global gold trading floor, each ounce was rated at $1,358 ($1,636 per tael).

In Viet Nam, gold prices fell sharply after the State Bank of Viet Nam sent messages late on July 6, saying that the jump in gold prices was just temporary due to psychological factors among local investors. Representatives of the Foreign Exchange Management Department from the central bank also told people that they should calm down before deciding to buy or sell their yellow assets.

On the foreign exchange market, the dollar rates in commercial banks also fell. For example, each dollar was rated at about VND22,270 and VND22,340 (buying-selling) in Vietcombank, down 40 dong compared to yesterday's rates. — VNS


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