The price of gold in Vietnam plunged to below VND45 million a tael (1.2 ounces) on December 6 as global price experienced the worst decline in the past two weeks.
Sacombank Jewelry Company bought gold at VND44.48 million and sold at VND44.63 million as of 11:15am Vietnamese time.
Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND44.35 million and sold at VND44.6 million around 11:20am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.42 million and sold at VND44.67 million at 11:30am Vietnamese time.
Bao Tin Minh Chau Jewelry Company quoted the price at VND43.65 million for buying, and VND43.9 million for selling at 1pm Vietnamese time.
Domestically, SJC-brand gold fetched VND1 million a tael, higher than global price.
On black market, one dollar was bought at VND21,050, and sold at VND21,090, a decrease of VND50 per dollar in buying price, and VND60 per dollar in selling price.
Internationally, bullion dropped steeply after Standard & Poor’s warned of a possible downgrade of European nations’ credit ratings if their leaders fail to reach an agreement to solve the region’s sovereign-debt turmoil at a summit meeting on Friday.
Gold for immediate delivery fell as much as $22.1 an ounce to close at $1,724.2 an ounce on the Comex in New York.
In Asia, the metal prolonged losing momentum in the trading session this morning. Spot gold cut $5 an ounce to trade at $1,719.2 an ounce at 9am Vietnamese time.
The euro exchange rate against the US dollar sank to below $1.34 a euro in Tokyo this morning.
