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Local gold prices drop to five-year low

Update: June, 26/2015 - 09:16

Gold prices sink to its lowest rate since 2010 in Viet Nam.— Photo vnexpress.net

HA NOI (VNS) — Gold prices fell to their lowest level in the last five years in Viet Nam yesterday.

The price of one tael or 1.205 ounces of the state-owned SJC gold was VND34.44 million (US$1,579).

The gold price has been falling in the local market since early this month. In the last three days, the price of a tael of gold dropped VND250,000 ($11.4)

Meanwhile, on the global gold trading floor Kitco.com, the price of gold was $1,177.6 per ounce or $1,419.2 per tael. Reuters.com said gold edged up on June 25 after falling in the past four sessions to a two-week low, with investors awaiting news on Greece's talks with its international lenders to avert a default for further trading cues.

Thus, the price of a tael of gold in Viet Nam was $159.8 higher than in the world market on the same day.

Bao Tin Minh Chau Jewellery and Gemstone Co. Ltd said they sold more gold in the past few days, with the selling/buying rate of 60/40, respectively.

The company also encouraged buyers to purchase more gold as the price was very low.

Meanwhile, dollar rates remained stable in most commercial banks and in the flea market. The greenback's buying rate was between VND21,760 and VND21,780, and the selling rate was between VND21,830 and VND21,850.

On its website , the central bank kept the inter-bank exchange rate at VND 21,673 per US dollar.

With an effective 1 per cent margin, the ceiling rate was VND21,890 per dollar. — VNS

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