Domestic gold dips to new lows

Saigon Jewelry Company (SJC) quoted the yellow metal at VND36.25 million per tael for buying and VND36.35 million per tael for selling, down around VND200,000 compared to Tuesday and marking the biggest loss in recent days. A tael equals 1.2 troy ounces.

In Hanoi City, Rong Thang Long bullion of Bao Tin Minh Chau Company dropped a slight VND50,000, closing at VND36.16 million for buying and VND36.61 million for selling.

Both local and global gold prices are at their record lows this year. Compared to the peak in February, the domestic gold price has lost around VND800,000 for tael.

On the world market, the precious metal fell for a fifth consecutive session, dropping US$10 against Tuesday to US$1,275 an ounce. According to market watchers, the decline resulted from the strong rises of U.S. stocks and government bond yields, making gold less attractive to investors.

Given the current dong-U.S. dollar exchange rate, the world gold price was around VND35.7 million a tael, around VND600,000 lower than the local price.

The State Bank of Vietnam today revised up the central reference rate to VND22,991, rising by VND1 against Tuesday. Local banks kept their dollar prices unchanged at VND23,150 for buying and VND23,250 for selling.