Gold falls during lull in trade war

07:38 | 04/07/2019
As soon as the US-China trade war started showing signs of abating, the global price of gold has started climbing down as well. This has lead to a sizable decrease in local gold prices after reaching a peak of more than VND39 million ($1,695) per ounce last week.
gold falls during lull in trade war
SJC gold was at VND38.1-38.35 million ($1,656-1,667) per ounce

Specifically, at the G20 Summit, the two sides first managed to reach an agreement on several points, like the US holding on with the introduction of additional tariffs and other measures on Chinese goods and China promising to enhance the mport of US agricultural goods.

As of the noon of July 1, the global gold price fell to $1,386 per ounce, down $22 against last week. However, the price was still VND600,000 ($26) higher than the local gold price.

Accordingly, in Vietnam, the price of SJC gold was VND38.1-38.35 million ($1,656-1,667) per ounce (purchasing – selling), down more than VND1 million ($43.47) against last week.

Doji even offered SJC gold at VND38.23-38.55 million ($1,658-1,676) per ounce, down VND520,000 ($22.6) against last weekend.

Similarly, Phu Nhuan Jewelry JSC (PNJ) set the SJC gold price at VND38.15-38.55 million ($1,658-1,676) per ounce, down VND400,000 ($17.39) against last Sunday.

By Hoang Van

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