Gold prices hit lowest in 3 years

Friday, Dec 20, 2013 16:21

People buy their gold as fearing the price will go lower in the market.— Photo

HA NOI (Biz Hub) — Gold prices in Viet Nam and worldwide fell to their lowest price in three years on Friday when the State Bank of Viet Nam offered gold at its 75th auction.

On the trading floor gold was selling at $1,193.00 per ounce, or $1,437 per tael, though it had recovered $6 per ounce from the lowest level reached on December 19 when the gold price in Viet Nam fell to its lowest level in three years.

Meanwhile, the Saigon Jewellery Company (SJC) posted a gold buying price of VND34.90 million ($1,661) on its website. While the selling price was listed at VND35.08 million ($1,670) in Viet Nam, it remained $233 higher per tael than global gold rates.

Nguyen Cong Tuong, deputy head of the sales department of SJC company, said individuals were likely to sell their gold, due to concerns over falling prices, in the next few days. Meanwhile, Bui Thuy, sale director of Bao Tin Minh Chau Jewellery Company, advises investors to purchase gold since the price has reached its low point.

During the 75th auction, 12 credit institutions purchased 14,700 of 15,000 taels of gold offered by SBV at a cost of VND35.01-35.04 million ($1,667-1,668) per tael. According to SBV, it has sold 1.799 million taels of gold since its first auction in March.— VNS

Comments (0)