In the capital city, each tael of the state-owned SJC gold was listed at VND36.42 million ($1,734.2) per tael, the lowest price in two months, at the Doji Gold and Gems Group.— Photo dantri.com.vn

HA NOI (Biz Hub) — Doji Gold and Gems Group has become the first Vietnamese enterprise to receive a licence from the Government to measure gold content in jewellery traded in the domestic market.

The Directorate for Standards, Metrology and Quality of the Ministry of Science and Technology (MoST) granted the licence to Doji Group last August 18. The move came after the MoST issued Circular 22, regulating the management and measurement policies in the gold trading business.

The circular, which took effect last June, aims to cope with the long-term lack of control in gold content management in the domestic market. It requires that the standards of quality and measurement of gold jewellery traded in the local market be written as the product code, with accurate gold content.

As a result, the Directorate for Standards, Metrology and Quality has begun granting licences to qualified gold and jewellery trading units. Last July, the Asia Commercial Bank received a similar license from the Directorate, for the testing of the title and content of gold to ensure proper market management.

On August 26, the price of gold in the domestic market fell by VND160,000 or US$8 per tael from last week's rate while the price of gold in the world market regained somewhat from its weakest level in two months.

In the capital city, each tael of the state-owned SJC gold was listed at VND36.42 million ($1,734.2) per tael, the lowest price in two months, at the Doji Gold and Gems Group.

On Kitco.com, the online global gold trading floor, the price of the precious metal gained $5.4 per ounce and was listed at $1,281 per ounce or $1,543 per tael.

According to reuters.com, gold regained some of its strength on bargain hunting but still held near its weakest level in two months as a firmer US dollar and rallies in equities undermined the metal's appeal as an alternative investment.

Thus, each tael of gold in Viet Nam was priced $191 higher than that of the world market last August 26.— VNS