Gold prices slip in the market

04:28' PM - Monday, 10/08/2020

Local gold prices dropped sharply after the weekend. At 10am on August 10, the prices were rated down nearly VNĐ1 million ($43) from an hour before at VNĐ59 million (US$2,540) per tael.

Compared to the end of last week, the prices decreased by VNĐ1.5 million per tael.

The Saigon Gold and Jewelry Company rated each tael of SJC gold at VNĐ57.36 million and VNĐ58.96 million (sell-buy).

Doji Group rated down its buying price at VNĐ57.50 million with a sales price of VNĐ58.50 million while Phú Qúy Group rated VNĐ57.30 million on the buying side and VNĐ59 million on the selling side for each tael of gold.

Bảo Tín Minh Châu Gold Firm in Hà Nội reduced the rates of each tael lower than others at VNĐ57 million to buy and VNĐ58.80 million to sell.

At the beginning of last week, the local gold price increased sharply to reach their highest ever at more than VNĐ62 million per tael on August 6. Compared to the global gold prices, each tael of gold was rated more than $216 higher.

However, later on August 6, the prices quickly turned back down. Closing last week's session, the domestic gold prices were at about VNĐ60 million on the selling side and VNĐ58 million on the buying side.

With nearly 20 years of experience in gold investing, Phan Dũng Khánh, investment director of Maybank Kim Eng Securities, said: “There is an opportunity to buy gold when the prices are rated lower at this time, but investors should be careful watching the movement closely because the risk was very high.”

Khánh added the gap between buying and selling was nearly VNĐ2 million now, much higher than the normal gap of VNĐ500,000.

At the same time, on the gold exchange Kitco, prices fell $3.7 per ounce to close at $2,031 per ounce ($2,447 per tael). — VNS

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