Gold price "evaporates" 2.8 million VND, lowest in three weeks

SJC gold price falls vertically. Photo: Huong Thuy

At nearly 10:00 a.m., Saigon Jewelry Company listed the price of SJC gold bars at VND84.5 million/tael (buy) - VND88 million/tael (sell), down VND3.8 million/tael (buy) and VND2.3 million/tael (sell) compared to the end of May 29.

Phu Nhuan Jewelry Joint Stock Company reduced 4.1 million VND/tael (buy) - 2.3 million VND/tael (sell), to 84.5 million VND/tael (buy) - 87.9 million VND/tael (sell).

Notably, Bao Tin Minh Chau Company Limited reduced the price to only 87 million VND/tael by 3.5 million VND/tael (buying) and 2.8 million VND/tael (selling), listed at 84.5 million VND/tael (buying) - 87 million VND/tael (selling).

The current price is the lowest since May 7. To avoid risks, some places have increased the buying-selling margin to 3.4-3.5 million VND/tael.

The price of gold rings also went down but the decrease was much lower, commonly 200,000-400,000 VND/tael (buying) and 200,000-300,000 VND/tael (selling), trading at 74.6-74.88 million VND/tael (buying) and 76.2-76.3 million VND/tael (selling).

The price of SJC gold bars fell sharply due to the decline in world gold prices. Early this morning, the price of the precious metal dropped by about 20 USD, down to 2,338 USD/ounce. By nearly 10am, the trading price was 2,33.3 USD/ounce, converted to be about 16.2 million VND/tael lower than the domestic gold price.

However, the factor that strongly affected the price of SJC gold bars plummeting was the information that the State Bank sold SJC gold bars to 4 state-owned commercial banks for resale to the people. This information strongly affected the market sentiment. According to market forecasts, the number of people selling SJC gold bars will increase due to fear that the price of gold will continue to fall.

In the foreign exchange market, the State Bank of Vietnam announced the central exchange rate of the Vietnamese Dong to the US dollar, applicable for May 30, as 1 USD = 24,258 VND, an increase of 5 VND compared to the previous day.

Vietcombank listed the USD price at 25,220 VND (buy) - 25,470 VND (sell), down 15 VND (buy) but up 5 VND (sell) compared to the end of May 29.

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