SJC gold falls another $7 per tael

Monday, May 13, 2013 15:15

SJC gold price falls in the local market.--Photo SJC

HA NOI – The price of gold sold by Saigon Jewellery Joint Stock Company fell by VND150,000(US$7) per tael from the level at last week's session, and is now VND5.4 million ($257) higher than the world price.

SJC gold was bought at VND41million ($1,952) and sold at VND41.3 million ($1,966) per tael this morning in HCM City while in the Ha Noi market it was bought at VND41.15 ($1,959) and sold at VND41.3million ($1,966) per tael.

Over the last week, SJC gold recorded a slide of VND750,000 ($21) per tael and stayed at VND41.45 million ($1,973) per tael. It was the second consecutive slide of gold sold by the State enterprise.

There have been 16 gold auctions since late March with 436,000 taels sold. Since then the price of SJC gold has surpassed the world price and nearly doubled its own gap with the world price before bidding.

According to Kitco, world prices for gold fluctuated around $1,430 per ounce, down almost $20 per ounce over last week's session. During the session, gold recorded a low at $1,420 per ounce, the lowest since early May.

Unlike the gold market, the foreign exchange market stayed unchanged with an average exchange rate staying at VND20,828 per US dollar for interbanks and VND21,036 per U.S. dollar for commercial banks.--VNS

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