Domestic gold prices hit record low
The price of SJC gold has dropped to a record low of around VND37 million/tael since March 2011.
On June 27, domestic gold was down by VND100,000/tael, or VND2 million lower than last weekend’s transaction figure.
SJC gold was traded at VND37.15 – 37.4 million/tael in Hanoi and VND37.1 – 37.4 million/tael in Ho Chi Minh City.
As world gold prices also fell rapidly (even to a three-year record low of US$1,228/oz (nearly VND32 million/tael) in the US).
The Vietnamese gold market experienced a strong decline of VND1.16 million/tael on June 26.
Meanwhile, the US dollar value hit a three-week record high, pushing down the prices of jewelries and input materials.
To a certain extent, the low demand for gold has been caused nu the cash crisis in China and the recent decision of the Indian government to impose additional taxes on imported gold to reduce the trade deficit.
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