Domestic gold prices are currently hovering at a low of 35 million VNDper tael, in contrast with previous years when people used to flock tojewellery stores ahead of Tet.
Gold trading companies said thegold market had remained stable at the year-end and had not been asheated as the previous years.
Representatives fromBao Tin Minh Chau said trading at the company during the year-end hadremained normal and there had been no unexpected spikes in prices asseen in previous years.
SJC also said dailytransactions at the company were only about 1,000 tael and that thefillip during the year-end was insignificant.
Itadded that this was much lower than the previous years when dailytransactions touched 10,000 tael and the figure surged by 50 percent to15,000 tael by the year-end.
Industry insidersattributed the stability in the gold market to stability in thecountry's macro-economy and the State Bank of Vietnam's success inmanaging the gold market.
Earlier, whenever the economy was unstable and inflation was high, people only trusted gold investments.
Now, they are seeking investments in securities and property, and feelthat simply depositing money in banks could offer them good returns, sodemand for gold has dropped sharply.
Nguyen AnhHong, a bank employee in the capital, said she used to store gold as ahedge against inflation in the past. However, this year she turned tosecurities as she saw them as more attractive opportunities.
According to the latest report from the World Gold Council, Vietnam'sdemand for gold declined sharply quarter-on-quarter by 27 percent involume and 29 percent in value during the third quarter of 2014.
The country's registered gold consumption during the third quarterreached 19 tonnes, which is worth 783 million USD. Of the total, goldjewellery accounted for two tonnes, worth 82 million USD, a 9 percentdecline, while gold bars and coins made up for 17 tonnes, worth 701million USD, reflecting a 29 percent decline.
Thecouncil ranked Vietnam as the world's seventh largest gold consumer lastyear, with consumption pegged at 92.2 tonnes worth 4.16 billion, a 20percent year-on-year increase.
On February 10, domestic gold prices remained unchanged against the previous day despite a fillip in the global market.
DOJI Co. listed one tael at 35.23/35.27 million VND (1,646/1,648 USD),while the prices quoted by Phu Quy Co and SJC were 35.24/35.27 millionVND and 35.19/35.29 million VND per tael, respectively.
Gold prices in the domestic market are still about 3.3 million VND (154.2 USD) higher than the global prices.-VNA
Gold trading companies said thegold market had remained stable at the year-end and had not been asheated as the previous years.
Representatives fromBao Tin Minh Chau said trading at the company during the year-end hadremained normal and there had been no unexpected spikes in prices asseen in previous years.
SJC also said dailytransactions at the company were only about 1,000 tael and that thefillip during the year-end was insignificant.
Itadded that this was much lower than the previous years when dailytransactions touched 10,000 tael and the figure surged by 50 percent to15,000 tael by the year-end.
Industry insidersattributed the stability in the gold market to stability in thecountry's macro-economy and the State Bank of Vietnam's success inmanaging the gold market.
Earlier, whenever the economy was unstable and inflation was high, people only trusted gold investments.
Now, they are seeking investments in securities and property, and feelthat simply depositing money in banks could offer them good returns, sodemand for gold has dropped sharply.
Nguyen AnhHong, a bank employee in the capital, said she used to store gold as ahedge against inflation in the past. However, this year she turned tosecurities as she saw them as more attractive opportunities.
According to the latest report from the World Gold Council, Vietnam'sdemand for gold declined sharply quarter-on-quarter by 27 percent involume and 29 percent in value during the third quarter of 2014.
The country's registered gold consumption during the third quarterreached 19 tonnes, which is worth 783 million USD. Of the total, goldjewellery accounted for two tonnes, worth 82 million USD, a 9 percentdecline, while gold bars and coins made up for 17 tonnes, worth 701million USD, reflecting a 29 percent decline.
Thecouncil ranked Vietnam as the world's seventh largest gold consumer lastyear, with consumption pegged at 92.2 tonnes worth 4.16 billion, a 20percent year-on-year increase.
On February 10, domestic gold prices remained unchanged against the previous day despite a fillip in the global market.
DOJI Co. listed one tael at 35.23/35.27 million VND (1,646/1,648 USD),while the prices quoted by Phu Quy Co and SJC were 35.24/35.27 millionVND and 35.19/35.29 million VND per tael, respectively.
Gold prices in the domestic market are still about 3.3 million VND (154.2 USD) higher than the global prices.-VNA
