Gold prices fall in the market

Update: February, 25/2020 - 14:34


Customers buy gold at Bảo Tín Minh Châu Gold Firm in Hà Nội. The prices of the metal fell in the market on February 25. — Photo baogiaothong.

HÀ NỘI — After soaring to an eight-year high on Monday, domestic gold prices fell between VNĐ1.3 million and VNĐ2 million (US$56-86) per tael on Tuesday.

In the local market, Sài Gòn Jewellery Company (SJC) listed their gold at VNĐ47.7 million ($2,060) per tael. Bảo Tín Minh Châu gold firm posted VNĐ47.45 million, while Doji reported prices of VNĐ47.3 million.

On the global gold exchange Kitco, the prices fell 1 per cent to $1,656 per ounce ($1,995 per tael) as investors chose to pocket profits after the metal hit a seven-year high in the previous session, although growing fears over a spike in new coronavirus cases outside of China capped bullion's losses.

Phan Dũng Khánh, investment director of Maybank Kim Eng Securities, told Việt Nam News: “Investors must be extremely cautious in their trading due to deep fluctuations.”

Khánh said the gap between selling and buying was still high.

Nguyễn Hoàng Minh, deputy Governor of the State Bank of Việt Nam (SBV), told local media the central bank paid attention to the prices and was always ready to intervene in the market when needed.

Minh said the SBV’s decree No 24 in 2012 has helped stabilise the local forex market and gold prices.

According to gold firms’ reports, the bullion buying rate in the market between February 17 and 22 was not high.  — VNS