Traders queue up to sell as gold loses luster

27-Feb-2020 Intellasia | VN Express | 6:02 AM Print This Post

Vietnamese traders Tuesday queued up for hours to sell their gold bars as prices fell unexpectedly after a rising streak.

Dozens of people lined up at a jewellery shop in Hanoi’s Cau Giay District when SJC gold prices fell 4 percent from Monday’s peak to VND47.4 million ($2,045) per tael (1.2 ounces).

In HCM City, too, a rise in the number of sellers was seen in District 1 gold shops. A 50-year-old man who sold three bars said: “I decided to sell today because of the sudden drop. I was afraid it could fall even lower.”

“I bought five taels yesterday when prices were rising but the sudden drop today caused me a loss of VND15 million ($647),” said a trader in HCM City.

Vietnam’s gold prices fell Tuesday after a 14 percent climb since the beginning of this year as US prices dropped 1.1 percent to $1,658 per ounce after hitting a seven-year high in the previous session.

Market observers say that the fall came as investors chose to pocket profits, but this could be temporary as there are still increasing concerns that the novel coronavirus is becoming a pandemic, which means the metal’s prices could rise again.


Category: Finance, Vietnam

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