Local gold prices dropped by 0.38 percent on July 16 to a four-week low of 36.6-36.7 million VND (1,686 – 1,692 USD) per tael, driven by a downward trend in world markets on a strengthening of the dollar on July 14-15.
Local gold prices dropped by 0.38 percent on July 16 to a four-weeklow of 36.6-36.7 million VND (1,686 – 1,692 USD) per tael, driven by adownward trend in world markets on a strengthening of the dollar on July14-15.
Sai Gon Jewellery Company (SJC) traded bullion at36.66-36.78 million VND per tael, while DOJI traded the SJC bullion, at36.70-36.75 million VND per tael.
One tael is equivalent to 1.2 ounces.
HoangAnh, a consultant with the Hanoi-based International Gold Company (IG)said: "World gold is reviving but is still below 1,300 USD. The domesticmarket needs to wait until tomorrow morning to catch the right trend."
Localgold price has dipped 0.62 percent in three days while world pricesfell 3.3 percent in the last two sessions, with Reuters reporting it asthe metal's biggest two-day loss since October.
On July 16, spot gold on the global market had gained 0.3 percent to 1,297.94 USD an ounce.
Reuterscited traders as saying gold could drop further, especially as thisweek's 40 USD drop failed to generate a robust pick up in physicaldemand in Asia.
On July 15, Fed Chair Janet Yellen signalled thatthe Fed will hold its monetary policy loose until jobs data shows thefinancial crisis's consequences are gone.
Market observers have said that if the Fed raised interest rates, there would be not many reasons for investors to hold gold.-VNA
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