Local gold firms rate down gold prices to attract buyers on March 11. — Cafef.vn

Local gold firms rated their yellow metal down to attract buyers in the market where prices of gold kept falling on Thursday.

In the local market, Sai Gon Jewellery Company (SJC) listed their gold at VND47.3 million (US$2,039) per tael or $1,692 per ounce. Bao Tin Minh Chau gold firm posted VND47.08 million, while Doji reported prices of VND47.05 million.

Compared to March 10, the prices today was VND300,000 to VND400,000 lower. The gap between selling and buying was much lower than the previous weeks. The gap on Thursday morning was kept at around VND400,000. In the last several weeks, it was more than VND1 million.

An experienced gold insider told Viet Nam News: “Rating down the prices is a way to lure customers when the items become a hot investment now.”

However, he also thought: “As prices are fluctuating so much, not many investors will pay for the precious metal at this time.”

The Ha Noi-based Bao Tin Minh Chau Gold firm recorded usual buying rate of 55 per cent and selling rate of 45 per cent.

It continued advising investors on the website: “It is a good time for investors to trade gold to make a profit.”

Meanwhile, gold rose on Thursday as concerns about the economic impact from the novel coronavirus increased after world health officials declared it a pandemic and many countries took measures to combat the spread by restricting public gatherings.

On the trading of Kitco.com, spot gold rose 0.6 per cent to reach $1,645 after the World Health Organization (WHO) described the new coronavirus as a pandemic, adding that Italy and Iran were now on the frontline of the disease and other countries would soon join them. — VNS