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Gold prices decreasing on lower worry about high inflation   2009-04-16 - VietNamNet

The world’s weakening demand for investments in gold has made the gold price decrease slightly. The domestic price this morning was reportedly VND40,000/tael lower than yesterday’s afternoon.


Despite the price decreases, the domestic price is still higher than the world’s price.


Phuong Hoang PNJ-DAB brand name gold of Phu Nhuan Jewellery Company (PNJ) was traded at VND19.59mil/tael at 10 am of April 16 (purchase) and VND19.64mil/tael (sale), while the price levels were VND19.61mil/tael and VND19.66mil/tael late yesterday afternoon, respectively.


SJC brand name gold of Phu Quy Company and Rong Thang Long brand name of Bao Tin Minh Chau Company was also quoted at the same price levels.


The gold price on ACB gold trading floor was reportedly at VND19.066mil/tael at 10 am of April 16, lower than the yesterday morning’s level at VND19.120mil/tael.


The Hanoi gold market now keeps quiet with only several hundreds taels of gold transacted at every shop. Meanwhile, several tens thousands taels were traded at every shop at the time, when the market was hot.


PNJ Hanoi said that on April 15, the company purchased 500 taels, while it sold 50 taels only.


On ACB trading floor, the volume of gold traded in the morning is some 25,000 taels, while the figure was 150,000 taels when the market was hot.


The domestic gold prices decreased this morning after the world’s price decreased last night (Hanoi time) for the second trading session. The gold price has been decreasing as people’s worries about high inflation have been eased and the US market has rallied.


Meanwhile, in other regions, especially Asia, the sold gold volume remains higher than the purchased volume as the gold price remains at high levels. Many countries in the world are witnessing the consumer price index staying at low levels, despite the fact that the governments have pumped money into the market to stimulate economies.


The gold sale on the market has been reportedly going slowly over the last one week, since many investors have left the gold market for the warming stock.


A gold shop on Tran Nhan Tong street in Hanoi said that the number of transactions has decreased by 50% over the last one week. “Most of people, who purchase gold for investments, have left the market for other investment channels. Meanwhile, those, who seek profit from gold investment, have sold gold already,” he said.

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