Gold prices fall in the market

Friday, Mar 13, 2020 15:54

Customers choose gold items at a branch of DOJI Gold Firm in Xa Dan Street in Ha Noi. Domestic gold prices follow the declining trend in global to fall in the market on Friday. — VNA/VNS Photo Danh Lam

Domestic gold prices fell following the declining trend in global markets on Friday.

Opening this morning, the Sai Gon Jewellery Company (SJC) listed their gold at VND46.30 million (US$1,992) per tael or $1,653 per ounce. Compared to last Thursday, one tael of gold fell by VND1.2 million.

Bao Tin Minh Chau and Doji listed their gold at VND46.30 million and VND46 million, respectively.

The selling and buying gap was growing. On Thursday, the gap was around VND500,000 at most firms. It was now more than VND1 million.

Local gold investors believe that whenever the gap was big the price of the precious metal must be fluctuating, and they must take great caution.

On the Kitco gold exchange, the precious metal was down 0.9 per cent to $1,562.30 an ounce or $1,882 per tael. For the week, it was down about 6.7 per cent, the most since June 2013.

Calculating the prices, the local prices for each tael of gold was $110 higher than the global prices.

Ha Noi-based Bao Tin Minh Chau Gold Firm was seeing 55 per cent of buyers and 45 per cent of sellers, posting on its website: “It is a good time for investors to trade gold to make profit.”

In such a situation, many market participants want to sell their gold to sit on cash, while investors on an online gold investing forum advised each other not to trade at this time.

An investor name Khoi Nguyen said: “Don’t sell now or you will lose at least VND1 million for each and cry if it goes up again tomorrow.”

Though the prices performed badly on Friday, Phan Dung Khanh, investment director of Maybank Kim Eng Securities, thought global prices could reach $2,000 per ounce ($2,410 per tael) this year. — VNS

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