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Gold prices fall to two-month low

By Thien Ngan   September 27, 2022 | 05:07 am PT
Gold prices fall to two-month low
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices fell to the lowest level in two months to VND64.6 million ($2,736) a tael Tuesday.

The Saigon Jewelry Company (SJC) sold its gold at VND65.6 million ($2,778) Tuesday afternoon, down VND1 million or 1.5% from Monday. A tael equals 37.5 grams or 1.2 ounces.

Prices of gold bars of other brands such as DOJI Jewelry Group, VietinBank Gold and Phu Quy, dropped by VND250,000-600,000.

The owner of a gold shop in District 8, Ho Chi Minh City said that the need to restructure the asset portfolio of organizations and individuals holding large amounts of gold in the context of soaring foreign exchange rates could be the reason for the suddenly reduction in gold price.

Vietcombank, the country’s largest lender, sold the greenback for VND23,850, up more than 1.27 from the beginning of the month.

The movement of the precious metal market in the country is going against the world.

Spot gold climbed 0.8% to $1,635.30 an ounce at 9:14 a.m. in London, after falling 1.3% on Monday, according to Bloomberg. The Bloomberg Dollar Spot Index declined 0.3%, after rising to a record at the start of the week.

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