Gold Prices Start Falling in Vietnam

The fever of gold prices has shown signs of cooling down in Vietnam after undergoing a sudden hike February 27, the online Young People newspaper quoted a local giant gold trading company director as saying.

 

Selling price of SJC gold was quoted at VND18.47 million per tael early yesterday morning, down up to VND130,000 within fourteen hours.

 

February 27, the precious metal price rose to the highest-ever level of VND18.48 million per tael on buying and VND18.6 million on selling as people rushed to buy gold again.

 

The continuous price increase prompted a rush among bullish investors who expect to make quick gains if prices continue up. The Saigon Jewelry Holding Co. (SJC) February 27 said they sold about 17,000 to 18,000 taels, increasing 2,000 taels from the previous day while it purchased only 2,500 to 3,000 taels.

 

People thought the price would continue moving up so they bought on speculation, a scenario that has happened many times before, head of the business department of SJC said.

 

He also said that the local gold price was nearly equal to the global price, which reached a new high of US$964.99 an ounce on February 27 and closed the day at US$960.6. (Young People Feb 28)