People seek gold when the prices of gold fall in the markets on Friday. — Photo dantri.com

HA NOI (Biz Hub) — Gold prices dropped VND110,000 (US$4.9) from the beginning of this week in the local market, while the global gold prices fell to their lowest level since 2010 on November 13.

On Friday, the Saigon Jewellery Company sold one tael, or 1.205 ounces, of the state-owned SJC gold for VND33.37 million (US$1,489.7), a drop of VND50,000 ($2.2) from Thursday's price.

The gold trading points of Sacombank, VietinBank and TPBank sold one tael of gold for VND33.38 million ($1,490).

Local gold and jewellery companies of Bao Tin Minh Chau, Doji and Phu Nhuan sold their gold at VND33.29 million ($1,486) to VND33.35 million ($1,488.8) on the same day

On the global gold trading website Kitco.com, the price of gold slipped another $1.8 per ounce to end at $1,083.2 per ounce or $1,305.2 per tael.

Reuters.com reported that gold fell for 12 sessions out of 13 on Friday, trading close to a near-six-year low on rising bets that the Federal Reserve would hike American rates next month and as investors pull out of bullion-backed funds.

Spot gold fell 0.2 per cent to touch $1,082.65 an ounce by 3.52am GMT, and was on track to post a fourth straight weekly dip. The metal tumbled to $1,074.26 in the previous session, the lowest since February 2010.

As the price of gold fell, Bao Tin Minh Chau Company in Ha Noi recorded a greater number of gold buyers than gold sellers. The ratio of buying/selling of gold was 65 to 35. The company encouraged buyers to purchase gold now for the best savings.

Thus, on November 13, the price of one tael of gold in Viet Nam was $184 higher than that on the world market.

In the forex market, the dollar rate rose 10 to 20 dong in commercial banks. The highest rate for one American dollar was VND22,450 on Friday. — VNS