After dropping to below VND17 million/tael, the lowest level during the previous two weeks, the price of gold once again has fluctuated wildly and is currently trading at over the VND17 million/tael mark.
The domestic price of gold suddenly increased because of a dramatic rise in the world price of gold on Tuesday night, with the Federal Reserve System (FED) surprisingly cutting US$ interest rate by 0.75 percent, from 4.25 percent to 3.5 percent, with the aim of steadying the world’s biggest economy which is currently in critical condition.
The US dollar continued devaluing against the Euro. The price of gold at spot delivery in New York instantly shot up to reach over US$890/oz.
On the domestic market, SJC gold at the Sai Gon Gold, Silver and Gem Stone Company is trading at VND17.13-17.23 million per tael at present, up VND470.000/tael compared with Tuesday’s transactions. The price is applied commonly in Hanoi, Ho Chi Minh City, Da Nang, Nha Trang and Can Tho.
At 2pm on Wednesday, the price of gold at the Phu Quy Gold, Silver and Gem Stone Company in Hanoi stood at VND17.12-17.24 million per tael, up VND240,000/tael compared to the previous day.
At Bao Tin Minh Chau in Hanoi, the price of gold slightly increased but the number of people, particularly those coming to sell rather than buy gold, undertake transactions at the company remained almost the same.
Sunday, February 22, 2009
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