Saigon Jewelry Holding Co. (SJC) on Saturday morning quoted gold at VND20.05 million per tael on buying and VND20.11 million per tael on selling. A tael equals to 1.2 troy ounces. The company did not work on Sunday.

Gold shops in the city quoted a higher buying price and a lower selling price to encourage trade but that did not help. City shops bought gold horn VND20.06 to VND20.07 million per tael while their selling prices ranged from VND20.09 to VND20.11 million per tael. The gap between buying and selling prices was narrower than usual.

When gold surged to VND20 million per tael last Wednesday, trade of the precious metal was quiet and the situation, according to shop owners, did not improve last weekend.

A shop owner near District 5's An Dong Market said that although she was buying gold at VND20.06 million per tael, few people come to sell. "This is common of late in this area," she added.

The spot price at the New York market closed the trading week at US$930.9 an ounce, increasing US$5.2 from the previous day. Based on this, the local gold price will be at VND19.87 million, not including tax and costs. The global price increased due to worry of inflation.
 

Source: Saigon Times