Gold at its lowest for two years

Wednesday, Jun 26, 2013 15:19

Not so many buyers are area interested in buying gold today with the lowest price. They may wait for some lower price.— Photo laodong
HA NOI (Biz Hub) — As in the rest of the world, the gold price in Viet Nam has fallen to its lowest in two years, hitting VND37.55 million ($1,788) per tael for buying and 37.85 million ($1,802) for selling.

Since 8:55am, SJC gold prices fell four times. Compared to late yesterday, the domestic gold price fell VND920,000 ($43) in buying and 820,000($39) in selling. Compared to last week, it is down VND1.55 million ($73.8) for selling and VND1.45 million ($69) for buying.

These are the lowest domestic prices since July 2011.

The diagram of local gold price since 2011.

Kitco, a global company trading in gold and other precious metals, is selling gold for $ 1,234 an ounce ($1,505 per tael). So the current Vietnamese price of of gold, is still  about $300 higher than the world's each tael. 

Meanwhile, the gold price at Comex in New York closed at $1,275.1 per oz. This was the second decline in the city's gold prices yesterday and was just above last week's price of $1,268.7 an ounce - the lowest in two-and-a-half years..

According to Reuters, gold fell as strong economic data boosted stocks in the United States and supported the Federal Reserve's plan to scale back its bond purchases in the next few months.

Meanwhile India's central bank told rural regional banks on Tuesday they could no longer provide loans against gold jewellery and coins - the latest move to discourage gold buying as the government seeks to reduce a record current account deficit.

The SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell by 16.23 tonnes to 969.50 tonnes on Tuesday, their lowest since February, 2009.—VNS

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