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.

Tuesday, March 11, 2014 11:33

The gold price on March 10 dropped to its lowest value over the lasttwo weeks, reaching 36 million VND (1,714 USD) per tael, reported goldsellers.

In the opening session, the largest southern goldtrader, SJC, sold at 36.09 million VND (1,718 USD) per tael while thebuying 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 of34.7 million VND (1,652 USD) per tael at the start of trading, and thisprice remained constant until 3pm, marking a decline of 120,000 VND (5.7USD) from the session on March 7.

Several popular traders, suchas DOJI Hanoi, VietinBank Gold and Techcombank Gold, traded gold ataround 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 tradingprice of gold generally dropped by 60,000 VND (2.85 USD) per tael,making it the lowest trading price within the last two weeks.

"Peoplechose to buy gold when the price fell to around 36.1 million VND (1,719USD) and sold it when the price rose to around 36.3 million VND (1,728USD)," stated a representative from gold trader PNJ.

In 2013, theState Bank of Vietnam sold 1.82 million taels (69.9 tonnes) of goldduring 76 auctions. The volume was largely sold to credit institutionsto help close outstanding gold deposits. Other sales were made to goldfirms to meet market demands.

Globally, the gold price reported aloss, due to strengthening employment trends in the United States andfears among Chinese investors of a slowdown of the global economy.

Expertsblamed the drop in gold prices on non-agricultural trade and anincrease in 10-year Treasury yields, as well as on the weak exports ofChina, raising fears among gold traders.

Each tael equals 1.2 troy ounces.-VNA

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