Government inspection instruction playing a role in gold price slip: Experts
Gold prices fell last weekend after remaining high for a week, and experts attributed the fall to the Government’s instruction on conducting a specialised inspection of the market.
At a gold shop run by the Bao Tin Manh Hai gold company (Photo: VNA)
Hanoi (VNA) – Gold prices fell last weekend after remaining high for a week, and experts attributed the fall to the Government’s instruction on conducting a specialised inspection of the market.
Jewelry company Doji on May 12 lowered its quote for gold bullion by 1.7 million VND (66.79 USD) from the previous trade to 86- 87.5 million VND per tael (a tael equals 37.5 grams or 1.2 ounces) for bids and asks, respectively.
Bao Tin Minh Chau, another major gold trader, offered the precious metal for 87-89.2 million a tael.
Meanwhile, gold ring prices have not budged from the previous session, standing at around 75.95 – 77.45 million VND per tael at Doji, and 75.43 – 76.93 million VND at Bao Tin Minh Chau.
The prices of both bullion and rings steadied at State-owned Saigon Jewelry Company (SJC), at 88.8 – 91.3 million VND and 74.85 – 76.55million VND, respectively.
Earlier, the Government Office released a document on Deputy Prime Minister Le Minh Khai's conclusions at a recent meeting on the matter, one of which is his request for an urgent review and comprehensive assessment of gold bar production and trading by businesses, as well as gold market management solutions that the State Bank of Vietnam (SBV) adopted in recent times.
He also required further efforts to narrow the widening gap between domestic and international gold prices to ensure that the domestic gold market operates stably, effectively, healthily, openly, transparently, and in accordance with the law.
Attention should be paid to avoiding ‘goldenisation’ of the economy as well as the negative impact on macroeconomic stability and national financial and monetary security, Khai stressed, urging relevant agencies to report the results to the Prime Minister in May at the latest.
Experts said the domestic gold market would cool down at this sensitive period, yet th♊e prices at home will be likely impacted by global prices that are returning to an upward trend due to the simultaneous decrease in the US dollar and US Treasury bond yields./.
The price of SJC gold bars rose to nearly 81 million VND (3,266 USD) per tael (one tael is equivalent to 1.33 ounces) in the last trading session of the first quarter (March 30), up 8% from the outset of the quarter.
Domestic gold price decreased by 150,000 VND (6.1 USD) per tael (37.5 grams) at the beginning of trading on February 19 - God of Wealth Day (the tenth day of the first lunar month) compared to the price at the end of February 18, with many fluctuations expected on the market during the day.
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