Việt Nam gold price drops, international rate rises

Gold buyers stand in a Bao Tin Minh Chau Gold and Jewellery in Ha Noi. The decrease in listed gold price from SJC is gradual and shows little sign of an immediate recovery – Photo vietq.vn

HÀ NỘI — The state-owned Sài Gòn Jewellery Joint Stock Company (SJC) announced a drop of VNĐ80,000 (US$3.58) per tael (1.2 ounces) in gold price yesterday. While the international rates for the yellow metal rose by $3 per ounce.

As of 11am yesterday, SJC’s listed price for gold is between VNĐ35.39 million per tael. This shows a slight fall of VNĐ130,000 since Thursday.

Through this week, SJC gold price has been on the decline, with the most severe drop of VNĐ500,000 per tael recorded on Tuesday and Wednesday. Compared to the price at the beginning of the week, the current listed gold price has dropped by VNĐ700,000 per tael.

International gold price fluctuated around $1,257 per ounce, rising by $3 compared to the last session.

Going by the Joint Stock Commercial Bank for Foreign Trade of Việt Nam’s (Vietcombank) exchange price, the current international gold price would be VNĐ33.83 million per tael, slightly lower than SJC’s listed gold price.

The exchange rate at Vietcombank is still VNĐ22,340 per $1, no change from last session. — VNS