Local gold firms rate down gold prices to attract buyers on March 11. — Cafef

HÀ NỘI — Local gold firms rated their yellow metal down to attract buyers in the market where prices of gold kept falling on Thursday.

In the local market, Sài Gòn Jewellery Company (SJC) listed their gold at VNĐ47.3 million (US$2,039) per tael or $1,692 per ounce. Bảo Tín Minh Châu gold firm posted VNĐ47.08 million, while Doji reported prices of VNĐ47.05 million.

Compared to March 10, the prices today was VNĐ300,000 to VNĐ400,000 lower. The gap between selling and buying was much lower than the previous weeks. The gap on Thursday morning was kept at around VNĐ400,000. In the last several weeks, it was more than VNĐ1 million.

An experienced gold insider told Việt Nam News: “Rating down the prices is a way to lure customers when the items become a hot investment now.”

However, he also thought: “As prices are fluctuating so much, not many investors will pay for the precious metal at this time.”

The Hà Nội-based Bao Tín Minh Châu Gold firm recorded usual buying rate of 55 per cent and selling rate of 45 per cent.

It continued advising investors on the website: “It is a good time for investors to trade gold to make a profit.”

Meanwhile, gold rose on Thursday as concerns about the economic impact from the novel coronavirus increased after world health officials declared it a pandemic and many countries took measures to combat the spread by restricting public gatherings.

On the trading of Kitco.com, spot gold rose 0.6 per cent to reach $1,645 after the World Health Organization (WHO) described the new coronavirus as a pandemic, adding that Italy and Iran were now on the frontline of the disease and other countries would soon join them. — VNS