Investors have switched their interest from gold market to riskier ones like stock market due to the downward tendency of the gold price.
In Hanoi, the buying and selling price of one tael, or 1.205 ounces, of state-owned SJC’s gold on September 13 were VND36.56 million (roughly US$1,611.3) and VND36.78 million (roughly US$1,621) respectively, showing no changes compared to the day before. One day earlier, its selling price declined by US$8.3.
According to Phu Nhuan Jewelry Joint Stock Company (PNJ), there was no significant change in the gold bar market; and the total trading volume of gold bars at the company reached 150 taels, with most of them being traded in small transactions.
PNJ’s gold price was listed at the buying rate of VND3.624 million (roughly US$159.72) and the selling rate of VND3.669 million (roughly US$161.7) per one-tenth of a tael.
Meanwhile, DOJI Gold & Gems Group Joint Stock Company said on September 12, the market received a huge number of dealers selling their gold as they were afraid of a decrease in the gold price. Besides, the global gold price without transportation and insurance fees was VND36.96 million (roughly US$1,628.9) per tael, US$17.4 higher than the listed price of SJC’s gold.
Due to the reduction in the political tensions and the slight decline in the gold price, investors have switched their interest to such riskier field as stock.
The VND-US$ rate listed by Vietcombank stands at VND22,690 and VND22,760 per US dollar for buying and selling while one Euro is sold at the price of VND27,393 (roughly US$1.207) and bought at the price of VND27,138 (roughly US$1.196).
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