Gold price tumbles to 2-week low
The gold price on March 10 dropped to its lowest value over the last
two weeks, reaching 36 million VND (1,714 USD) per tael, reported gold
sellers.
The gold price on March 10 dropped to its lowest value over the last
two weeks, reaching 36 million VND (1,714 USD) per tael, reported gold
sellers.
In the opening session, the largest southern gold trader, SJC, sold at 36.09 million VND (1,718 USD) per tael while the buying price was fixed at 36.03 million VND (1,715 USD) per tael.
Meanwhile, in the northern market, Bao Tin Minh Chau reported a selling price of 34.7 million VND (1,652 USD) per tael at the start of trading, and this price remained constant until 3pm, marking a decline of 120,000 VND (5.7 USD) from the session on March 7.
Several popular traders, such as DOJI Hanoi, VietinBank Gold and Techcombank Gold, traded gold at around 36.04 million VND (1,716 USD) to 36.08 million VND (1,718 USD) per tael.
Compared with the session on March 7, the trading price of gold generally dropped by 60,000 VND (2.85 USD) per tael, making it the lowest trading price within the last two weeks.
"People chose to buy gold when the price fell to around 36.1 million VND (1,719 USD) and sold it when the price rose to around 36.3 million VND (1,728 USD)," stated a representative from gold trader PNJ.
In 2013, the State Bank of Vietnam sold 1.82 million taels (69.9 tonnes) of gold during 76 auctions. The volume was largely sold to credit institutions to help close outstanding gold deposits. Other sales were made to gold firms to meet market demands.
Globally, the gold price reported a loss, due to strengthening employment trends in the United States and fears among Chinese investors of a slowdown of the global economy.
Experts blamed the drop in gold prices on non-agricultural trade and an increase in 10-year Treasury yields, as well as on the weak exports of China, raising fears among gold traders.
Each tael equals 1.2 troy ounces.-VNA
In the opening session, the largest southern gold trader, SJC, sold at 36.09 million VND (1,718 USD) per tael while the buying price was fixed at 36.03 million VND (1,715 USD) per tael.
Meanwhile, in the northern market, Bao Tin Minh Chau reported a selling price of 34.7 million VND (1,652 USD) per tael at the start of trading, and this price remained constant until 3pm, marking a decline of 120,000 VND (5.7 USD) from the session on March 7.
Several popular traders, such as DOJI Hanoi, VietinBank Gold and Techcombank Gold, traded gold at around 36.04 million VND (1,716 USD) to 36.08 million VND (1,718 USD) per tael.
Compared with the session on March 7, the trading price of gold generally dropped by 60,000 VND (2.85 USD) per tael, making it the lowest trading price within the last two weeks.
"People chose to buy gold when the price fell to around 36.1 million VND (1,719 USD) and sold it when the price rose to around 36.3 million VND (1,728 USD)," stated a representative from gold trader PNJ.
In 2013, the State Bank of Vietnam sold 1.82 million taels (69.9 tonnes) of gold during 76 auctions. The volume was largely sold to credit institutions to help close outstanding gold deposits. Other sales were made to gold firms to meet market demands.
Globally, the gold price reported a loss, due to strengthening employment trends in the United States and fears among Chinese investors of a slowdown of the global economy.
Experts blamed the drop in gold prices on non-agricultural trade and an increase in 10-year Treasury yields, as well as on the weak exports of China, raising fears among gold traders.
Each tael equals 1.2 troy ounces.-VNA
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