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Gold prices sliding, greenback price bouncing   2009-03-04 - VietNamNet/TBKTVN


The price of gold in-kind has dropped by VND300,000/tael in total in the last two days. Meanwhile, the dollar price has risen.


The gold price unexpectedly began decreasing and the downturn has continued today.


Few transactions and the sliding gold prices in the world’s market have led to the domestic price dropping by VND500,000/tael in comparison with the highest peak of VND19.8mil/tael on March 2.


The domestic prices at 9 am on March 4 were as follows:


SJC Hanoi branch quoted the purchase and sale prices at VND19.1mi/tael and VND19.28mil/tael, respectively, down by VND300,000/tael over yesterday’s opening prices.


SJC gold prices quoted by Phu Quy Company were VND19.2mil and VND19.3mil/tael, down by VND270,000 and VND250,000/tael.


Rong Thang Long brand name gold by Bao Tin Minh Chau had the prices of VND19.15mil/tael and VND19.3mil/tael, down by VND200,000/tael.


The gold market remains quiet with few buyers and sellers. Gold traders say that buyers, seeing the world’s prices decreasing continuously, are not making purchases at this moment because they hope prices will drop further. Meanwhile, sellers had nearly completed sale plans several days ago, when prices went up to bring profit to them.


A staff of Phu Quy Company on Tran Nhan Tong street said that the shops did not have any clients for one hour after opening this morning.


While the market of gold in-kind was quiet, trading floors were very bustling. On ACB trading floor, by 9.55 am, 45,570 taels of gold had been successfully traded at prices between VND19.11-19.28mil/tael.


The world’s market has witnessed another trading session with price decreases, with which the gold price has decreased for seven consecutive days.


The world’s gold price is now equal to VND19.28mil/tael, which means that the world’s price level is now equal to the domestic price.


The greenback price saw sharp increases this morning on the black market.


At exchange shops on Ha Trung street in Hanoi, the dollar price was VND17,670/US$1 and VND17,710/US$1 (purchase and sale), up by VND50/US$1.


At Vietcombank, the purchase and sale prices of the greenback were the same at VND17,478/US$1, down by VND1/US$1 over yesterday.

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