The gold fever which hit the Vietnamese market over the last few days has begun to cool down as prices began sharply falling on July 7.
The fall followed a notice from the state bank sent out late Wednesday afternoon saying it would intervene to stabilise the gold market amid soaring prices.
On July 7 morning, the Saigon Jewellery Holdings Co. (SJC)'s gold was being traded by DOJI Comapny between VND 38 million (USD1,702) and VND39.2 million (USD1,755) (buying and selling) per tael, or 1.2 ounces, falling by VND 600,000 (USD26.86) compared with the July 6 session which saw the highest prices since June 2013.
By 6.30pm of July 7, SJC's gold has fallen by VND2.5 million (USD99.20) a tael to VND36.7 million and VND 37.3 million per tael.
At this prices, investors buying gold yesterday afternoon have lost over VND3 million (USD134.34) on every tael.
The number of customers at many shops of large local gold companies including Bao Tin Minh Chau, Phu Quy and DOJI in Hanoi and HCM City has also decreased significantly.
A staff member at the Bao Tin Minh Chau shop said that most of their customers were coming to sell gold to prevent further losses.
