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Gold prices continue on downward trend

Update: September, 24/2013 - 09:25
Domestic gold prices continued to fall in the opening transactions of the week, in line with declining world gold prices.— File Photo

HA NOI (VNS)— Domestic gold prices continued to fall in the opening transactions of the week, in line with declining world gold prices.

Buying and selling prices of SJC gold bars at 5pm yesterday were VND37.42/VND37.62 million per tael (US$1,770/1,779), losing approximately 0.18 per cent against the weekend or 1.78 per cent against the pick of VND38.1 million ($1,802) last Thursday.

Spot world gold fell nearly 1 per cent earlier in the session but the price bounded back to $1,325.71 per ounce (or $1,590.05 per tael), slightly up 0.05 per cent against Friday's session.

One tael is equivalent to 1.2 ounces.

One US dollar yesterday remained unchanged at VND21,140.

In order to sustain supply and demand and keep local gold prices in harmony with the world price, the State Bank of Viet Nam reopened gold auctions last week. From March 28 to August, the central bank sold 1.567 million taels or 60.6 tonnes of gold.

However, the disparity between the domestic and local rate remains high, around VND3 million ($141) per tael.

In a report released yesterday, the National Assembly Economics Committee warned that if the disparity persists, gold jewellery smuggling might increase, as gold is seen as safe in the current context of economic difficulties. —VNS

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