Gold fades in Vietnam
Vietnam’s gold market has seen three consecutive days of decline tracking world rates, fuelled by a recovering US dollar and international investors booking profits.
Saigon Jewelry Company (SJC) gold prices Monday went down by VND150,000-190,000 (US$9.4 -12) per tael (1.25 oz) to close at VND12 million ($751).
Trading volume remained low domestically yesterday with a decrease of 30-40 percent in buying orders compared to previous trading, according to SJC representative.
Gold traders added that buyers’ purchasing habits in Vietnam were different from those in foreign countries.
Local buyers bucked global trends, stockpiling during gold price increases and stopping when rates declined.
Globally, gold rates lost slightly $5.7 per ounce over the weekend closing to end at $608.3.
According to financial experts, the precious metal decline is temporary, due to a sharp increase in US dollar value of 2.2 percent.
However, global political uncertainty in the Middle East could easily drive up prices again, they said.
By T.Xuan - Thanh Nien - June 12, 2006.
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