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Domestic gold prices temporarily fluctuate

VGP – The State Bank of Viet Nam will continue to keep a close watch on the movements in the global gold market and stands ready to intervene in the domestic market if necessary in accordance with Government’s Decree 24/2012 /ND-CP, dated April 3, 2012 on gold business activities.

July 07, 2016 1:53 PM GMT+7

Illustration photo

The move is made in response to recent fluctuations in the domestic market which saw, in particular on July 6, gold price increasing by VND 2,6 million (about US$ 116) to VND 40 million (around US$ 1800) per tael, or 1.2 ounces.

The domestic gold market only fluctuated temporarily, with no clear trend, and was affected by multi-dimensional information from the world market, affirmed Nguyen Ngoc Canh, Director of the Foreign Exchange Management Department at the State Bank of Viet Nam (SBV).

The SBV has been closely monitoring fluctuations of gold prices in the international and domestic markets and found that domestic prices caught up with the movements of global gold prices, the senior official affirmed. 

However, the gold trade volume has yet increased suddenly, he said.

Many experts have warned investors and people that they should be cautious to avoid loss. Therefore, investors need to be wise in making transaction decisions in the coming period.

Fears over instability in the European Union (EU), after Britain’s exit referendum (Brexit), is believed to cause the significant price hike.

Another reason to further boost gold prices is the delay in interest rate hike of the U.S. Federal Reserve (FED). Therefore, in the global financial market, some investors had risk prevention sentiment, looked to gold as a safe-haven asset as well as a capital preservation instrument, he added.

By Viet Cuong