Customers buy gold at Bảo Tín Minh Châu Gold Firm in Hà Nội. The prices of the metal fell in the market on February 25. — Photo baogiaothong.
After soaring to an eight-year high on Monday, domestic gold prices fell between VND1.3 million and VND2 million (US$56-86) per tael on Tuesday.
In the local market, Sai Gon Jewellery Company (SJC) listed their gold at VND47.7 million ($2,060) per tael. Bao Tin Minh Chau gold firm posted VND47.45 million, while Doji reported prices of VND47.3 million.
On the global gold exchange Kitco, the prices fell 1 per cent to $1,656 per ounce ($1,995 per tael) as investors chose to pocket profits after the metal hit a seven-year high in the previous session, although growing fears over a spike in new coronavirus cases outside of China capped bullion's losses.
Phan Dung Khanh, investment director of Maybank Kim Eng Securities, told Viet Nam News: “Investors must be extremely cautious in their trading due to deep fluctuations.”
Khanh said the gap between selling and buying was still high.
Nguyen Hoang Minh, deputy Governor of the State Bank of Viet Nam (SBV), told local media the central bank paid attention to the prices and was always ready to intervene in the market when needed.
Minh said the SBV’s decree No 24 in 2012 has helped stabilise the local forex market and gold prices.
According to gold firms’ reports, the bullion buying rate in the market between February 17 and 22 was not high. — VNS