The domestic gold market displayed little energy last week due to narrow gold price margins, which were unattractive to investors, news website Vietnamplus reports.
Saigon Jewellery Company (SJC), on May 28, quoted buying and selling prices at VND36.55 million and VND36.67 million per tael. The respective prices increased only slightly, by VND10,000 and VND60,000 per tael last Saturday.
According to DOJI Group, stable prices and hesitation by investors led to a considerable decline in the volume of gold traded in the market last week.
During the week, domestic gold prices ranged from VND36.55 million to VND36.6 million per tael for buying, and between VND36.66 million and VND36.75 million for selling.
Experts note that the local market needs more time to catch up with global trends.
Also, fluctuations in the value of the US dollar, the US economic situation and global politics were the main factors driving the gold market last week.
Of note, Bao Tin Minh Chau Jewellery and Gemstone Co Ltd yesterday bought a tael of SJC gold at VND36.6 million and sold it at VND36.67 million.
DOJI Group offered the same buying price as Bao Tin Minh Chau, though its selling price stood at VND36.68 million.
http://english.thesaigontimes.vn/60232/Local-gold-market-remains-gloomy.html
