A jewellery shop on Tran Nhan Tong street of Hanoi (Photo: VNA)Hanoi (VNS/VNA) - Gold prices declined on January7 after touching a four-month high, but the uptrend is unlikely to stop.
Buying prices at local gold and jewellery firms stoodat 43.62 - 43.68 million VND per tael (32.71 million - 32.76 million VND foran ounce), and selling prices had reached 43.82 - 44.02 million VND pertael.
On January 6, buying and selling prices hit four-monthhighs at around 43.90 million VND (1,890 USD) and 44.45 million VND per tael, respectively.
International gold prices edged down on January 7 afterhitting seven-year highs the previous day.
Spot gold futures inched down 0.03 percent to trade at 1,565.25USD per ounce.
Spot gold has jumped 3.2 percent in the last seven days asinvestors and traders around the globe worry about tensions between the USand Iran after a US drone killed a top Iranian military official on January 2.
Both sides have responded with aggressive rhetoric,raising concerns of further instability in the Middle East.
This could well boost gold prices further as investorslook for a safe haven amid geopolitical tensions and a gloomy globaleconomic outlook.
Spot gold futures have gained 22.3 percent since the end ofMay 2019.
Trading volume has remained relatively stable in recent daysdespite big price moves, Nguyen Hoang Minh, deputy governor of the State Bankof Vietnam (SBV) branch in HCM City, said.
The SBV is closely watching the development of gold pricesand will make a response to any big changes, Minh said.
The SBV has issued Circular 29/2019/TT-NHNN to amendCircular 16/2012/TT-NHNN instructing the implementation ofGovernment Decree 24/2012/NĐ-CP on gold trading.
Under the new circular, gold trading businesses will have tosubmit documents to the SBV to recognise changes to its business licence.The applications must be completed within 30 days from the date thecompany decides to change its business portfolio.
Gold trading businesses are allowed to make changes tothe gold shops they use, and send quarterly reports to the SBV andits local offices.
The circular will take effect on February 12, 2020./.
VNA
