Gold prices fell sharply in the Vietnamese market in the afternoon of July 16.
Onetael, or 1.205 ounces, of State-owned SJC's gold was sold for 33million VND (1,511.3 USD), dropping 1 million VND (45.7 USD) from twodays ago.
On the global gold trading website Kitco.com, theprice of gold slipped 5.4 USD per ounce. Reuters.com also said the priceslipped on July 16 towards the four-month low reached the previous dayas the Federal Reserve's reiteration that US interest rates were likelyto rise this year pushed the dollar to a six-week high.
The gap between local gold prices and the international prices was 132 USD on July 16.
Consideringthat gold is one of the traditional and most stable investments, thenumber of buyers visiting gold shops normally increases in Vietnam whenthe prices are low. However, according to experts, now is not the righttime to buy gold.
According to Nguyen Thi Cuc, Vice Director ofPhu Nhuan Jewellery JSC, the usual buying/selling ratio of 70/30 for thecompany's gold products has changed.
In the last two days, her company has seen more sellers than buyers.
Cucsaid though the volume of transactions was not large, the imbalancebetween supply and demand in the market had made the price drop faster.
Other large gold and jewellery companies, such as Doji and SJC, have seen the same imbalance.
Thefall in the gold price would help narrow the gap between the domesticand international prices of gold, Cuc was quoted as saying byVnexpress.net.
The narrowing of the gap will stop once the gap reaches a suitable level, she said.
Thesame day, an official from the central bank in HCM City said the bankwas keeping track of the change in gold prices and could possiblyintervene if needed.-VNA
Onetael, or 1.205 ounces, of State-owned SJC's gold was sold for 33million VND (1,511.3 USD), dropping 1 million VND (45.7 USD) from twodays ago.
On the global gold trading website Kitco.com, theprice of gold slipped 5.4 USD per ounce. Reuters.com also said the priceslipped on July 16 towards the four-month low reached the previous dayas the Federal Reserve's reiteration that US interest rates were likelyto rise this year pushed the dollar to a six-week high.
The gap between local gold prices and the international prices was 132 USD on July 16.
Consideringthat gold is one of the traditional and most stable investments, thenumber of buyers visiting gold shops normally increases in Vietnam whenthe prices are low. However, according to experts, now is not the righttime to buy gold.
According to Nguyen Thi Cuc, Vice Director ofPhu Nhuan Jewellery JSC, the usual buying/selling ratio of 70/30 for thecompany's gold products has changed.
In the last two days, her company has seen more sellers than buyers.
Cucsaid though the volume of transactions was not large, the imbalancebetween supply and demand in the market had made the price drop faster.
Other large gold and jewellery companies, such as Doji and SJC, have seen the same imbalance.
Thefall in the gold price would help narrow the gap between the domesticand international prices of gold, Cuc was quoted as saying byVnexpress.net.
The narrowing of the gap will stop once the gap reaches a suitable level, she said.
Thesame day, an official from the central bank in HCM City said the bankwas keeping track of the change in gold prices and could possiblyintervene if needed.-VNA
