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Gold price down as world’s market less hot   2008-09-24 - VNA

In an unexpected happening, the gold price dropped by VND150,000/tael this morning after unexpectedly soaring to VND18.3mil/tael yesterday morning. Sales on September 23 increased considerably, while purchases were low. The domestic price is VND50,000/tael higher than the world’s level. The crude oil price today decreased to $107/barrel.


PNJ-DAB gold of Phu Nhuan Hanoi Company was reportedly at VND17.9mil/tael (purchase) and VND18.1mil/tael (sale) at 8.30 am on September 24, while the levels were VND17.95mil and VND18.25mil/tael, respectively, late September 23.


The 24K gold prices quoted by Bao Tin Minh Chau Company in Hanoi were VND17.82mil (purchase) and VND18.1mil/tael (sale), while the rates were VNDVND17.92mil/tael and VND18.15mil/tael yesterday.


The gap between sale and purchase prices in gold shops in Hanoi is VND200-280,000/tael.


As the domestic market has been gloomy for a long period, the domestic price has been adjusted to be closer to the world’s price. The domestic price is just VND50-100,000/tael higher than the world’s level at present, while the gap was once VND1mil/tael.


Very few transactions have been reported at shops on Tran Nhan Tong street in Hanoi. PNJ Hanoi said that purchases were 10 times higher than sales on September 23. It purchased just 120 taels yesterday.


The domestic price decreased after the world’s price decreased by $20/oz over the previous trading session to below $900/oz. The world’s price decreased after the greenback value increased again against other hard currencies after four trading sessions of falling.


Investors have stopped selling dollars as US Finance Secretary Henry Paulson and Chairman of FED urged congressmen to approve a $700bil bailout in order to rescue banks in crisis.


In New York, the gold price with spot delivery at 9 am on September 24 was $880.20/oz, down by $20/oz over yesterday.


Crude oil with delivery in November in New York was $106.87/barrel at 9 am on Sep. 24.

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