Domestic gold tumbles

12:12' AM - Wednesday, 11/09/2019

Domestic gold lost a hefty VND500,000 per tael today, September 10, as the precious metal continued to slide on the global market, the local media reported.

In HCMC, Phu Nhuan Jewelry Company (PNJ) in the morning quoted gold prices at VND41.35 million per tael for buying and VND41.75 million per tael for selling. As of 10 a.m., Saigon Jewelry Company (SJC) posted the buying price at VND41.3 million per tael and selling price at VND41.7 million per tael, down by some VND550,000 compared with Monday.

Other gold trading firms in the city also slashed gold prices, buying the yellow metal at VND41.4 million per tael and selling it at VND41.75 million per tael. One tael is equal to 1.2 troy ounces.

In Hanoi City, Doji Group bought gold at VND41.39 million and sold it at VND41.69 million per tael, tumbling by some VND700,000 per tael compared with the previous day.

According to financial experts, domestic gold has been sliding since the end of last week and may hit a two-week low soon. Compared with the peak reached in the recent upsurge, SJC gold has lost nearly VND2 million per tael.

Meanwhile, the precious metal slumped by nearly US$22 to US$1,488.8 per ounce on the Asian market, or over 1.4%, against the previous session.

Many gold firms attributed the decline to the rise of 10-year U.S. government bond yields, which has reached over 1.6% per year. Several investors have moved to the attractive investment channel, prompting gold to slip below US$1,500 per ounce.

Given the current dong-U.S. dollar exchange rate, the global gold price was almost equal to domestic gold, at some VND41.7 million per tael.

According to Reuters, from a technical perspective, spot gold is projected to test the supporting level of US$1,497 per ounce. It may drop to US$1,453 per ounce on breaking this threshold.

Gold has started falling in recent days as investor concerns over global political and economic risks have subsided. On Monday, financial markets worldwide recovered, with Germany’s export figures lifting up European stock markets and investors expecting a new stimulus program from the European Central Bank by the end of this week.

Besides this, U.S. Federal Reserve (Fed) Chairman Jerome Powell announced steps being taken to maintain economic growth, strengthening hopes for further rate cuts at the upcoming Fed meeting on September 17-18.

The State Bank of Vietnam today announced the central reference rate between the dong and the U.S. dollar at VND23,135, inching up VND3 against the previous day. Meanwhile, most local banks bought the greenback at VND23,140 and sold it at VND23,260, unchanged compared with Monday. - Source: SGGP -

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