Gold prices edge down on import announcement

Gold prices surged to a record high of VND38.2 million per tael this morning as the global price of the metal jumped to US$1,410 per ounce, a new high, before a central bank statement that it will allow imports saw a correction set in.

Sacombank Jewelry sold a tael (37.5 grams) at VND36.70-37 million at 8:00 am this morning, VND1.06 million up from yesterday afternoon.

The price jumped to VND37.3 million and then VND37.70 million at 9:30 am before hitting a high of VND38.2 million half an hour later.

Some gold shops in Ho Chi Minh City bought at VND36.30 million but sold it at above VND37 million.

But after the State Bank of Vietnam’s released a statement this afternoon saying it will allow gold imports, prices have fallen to around VND37 million, newswire VnExpress reported.

Domestic gold prices are skyrocketing because of the dollar’s tremendous appreciation recently, Nguyen Thi Cuc, deputy general director of the Phu Nhuan Jewelry Company, said.

In the black market, the greenback was sold at VND21,150 this morning and bought at VND20,950, up from yesterday’s VND20,950 and VND20,750.

Some banks said the State Bank of Vietnam will probably sell dollars to them this same afternoon.

Source: TuoiTre

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