On the afternoon of April 5, the Saigon Jewelry Company (SJC) listed the buying price of SJC gold at 66.55 million VND/tael and the selling price at 67.15 million VND/tael, down 50,000 VND per tael compared to the morning.
The price of jewelry gold and 24K gold rings of all kinds is traded around 55.55 million VND/tael for buying, 56.55 million VND/tael for selling, down 150,000 VND/tael compared to the morning but still up 450,000 VND/tael compared to the end of yesterday.
The domestic gold price is moving in the opposite direction to the world price. In the international market, the gold price is at 2,026 USD/ounce, up 6 USD/ounce after a huge jump that left the 2,000 USD/ounce zone, increasing from 1,980 USD/ounce to 2,026 USD/ounce.
The price of jewelry gold and 24K gold rings of all kinds is about 1.2 million VND/tael cheaper than the world price.
Notably, despite the strong increase in world gold prices, domestic gold prices remained almost "unmoving" for SJC gold, while jewelry gold prices increased more strongly. The difference in the buying and selling price of SJC gold was also kept by businesses at only about VND600,000/tael, instead of the previous VND900,000 - 1 million/tael, reflecting weak market demand.
Similarly, the price of jewelry gold and 24K gold rings increased but could not keep up with the increase in world gold prices. As a result, the gap between domestic and world gold prices continued to narrow, and even the price of 24K gold rings and jewelry gold was cheaper than the world price.
Currently, the world gold price converted according to the listed exchange rate is about 57.8 million VND/tael, 1.2 million VND/tael higher than ring gold and jewelry gold while still about 9 million VND/tael lower than SJC gold.
This is a rather strange and surprising development in the price of gold rings because in previous months, gold rings were often several million VND higher than the world price, and there were many periods when gold rings were 4-5 million VND/tael higher than the world price.
Explaining the strange developments in the prices of gold rings and jewelry, gold expert Tran Duy Phuong said that in recent days, the buying power of gold in the market has been quite low, even when the world gold price increased sharply, people tended to... sell gold to take profits. This move caused the price of 24K gold to not keep up with the increase in the world gold price. SJC gold is similar, the buying and selling power in the market is sluggish so it is almost not strongly affected by the world gold price.
"In the coming time, if the world gold price continues to increase, the gap with SJC gold price may be shortened because the margin of 9 million VND/tael is still quite high. Meanwhile, 24K ring gold is lower than the world gold price, so it may be gradually adjusted to balance" - Mr. Tran Duy Phuong said.
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