Global-local gold price gap widens Tran Thu By Tran Thu – The Saigon Times Daily HCMC – The gap between global and domestic gold prices is over 5.6 million a tael as the yellow metal has lost a mere 0.59% in price in Vietnam but 2.1% globally since early this week. Saigon Jewelry Company (SJC) lowered the gold price to a nine-month low of VND35.12 million a tael before on November 5 afternoon’s close, down VND250,000 and VND290,000 against Tuesday and earlier this week respectively. Meanwhile, SJC bought a tael of gold at VND35.09 million. If the yellow metal had been purchased at VND35.41 million a tael last weekend, sellers would have incurred a loss of nearly VND400,000 on November 5. Despite the falling prices in the past days, a representative of SJC said the amount of gold purchased by investors has increased but the total gold transactions have been 10% lower than in previous years. World’s gold on November 5 traded at US$1,147.8 an ounce, down over US$20 compared to the previous day. Domestic gold prices are now VND5.6 million a tael higher the global prices based on the dong/U.S. dollar exchange rate of VND21,315. Vietcombank on November 5 quoted the U.S. dollar at VND21,315, up VND5 against the previous day but far lower than the highest allowable level of VND21,458.