ANTD.VN - Gold prices continue to face profit-taking pressure and decline in the world market, accordingly, domestic gold prices also adjusted in the first trading session of the week.
Last week, domestic gold prices had their first weekly decline in March, with SJC gold falling by about VND300,000/tael for the week and 9999 gold falling by VND1.6 million/tael. The decline in domestic gold prices was mainly due to the impact of world gold after US inflation data was released higher than expected, making expectations of an early interest rate cut increasingly dim.
Entering the first trading session of the week, the outlook for the precious metals market is still not more positive.
Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold at 79.50 - 81.50 million VND/tael at the beginning of the week. Compared to the end of last week, the price of this gold brand increased by 300 thousand VND/tael for buying but decreased by 200 thousand VND/tael for selling, thereby narrowing the buying and selling gap to 2 million VND/tael.
Bao Tin Minh Chau also reduced the price of SJC gold this morning with a slight decrease of 50 thousand VND/tael for buying and 100 thousand VND/tael for selling, listed at 79.55 - 81.35 million VND/tael; Phu Quy reduced 100 thousand VND/tael in both directions to 79.50 - 81.40 million VND/tael...
PNJ had a deeper decrease of 300 thousand VND per tael, listing the SJC gold trading price at the beginning of the week at 79.40 - 81.40 million VND/tael.
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Gold prices remain under pressure from high US inflation data |
Meanwhile, at DOJI Group, gold bars this morning remained unchanged compared to the closing price last week, trading at 79.40 - 81.40 million VND/tael.
For 9999 gold, the decrease early this morning was about 250 thousand VND per tael.
Accordingly, SJC 9999 gold rings are listed at 67.35 - 68.55 million VND/tael; Bao Tin Minh Chau smooth round rings are 67.92 - 69.12 million VND/tael; DOJI Hung Thinh Vuong 9999 rings are 67.90 - 69.10 million VND/tael...
Globally, gold prices opened in Asia on Monday morning in the red. Spot gold is trading around $2,152.5/ounce, down slightly $5 from last weekend.
The precious metals market continues to face profit-taking pressure as investors are disappointed with US inflation data. Most experts predict that selling pressure will continue into this week, so precious metals will continue to correct.
However, there are also some opinions that the further decrease in gold prices will stimulate bottom-fishing demand, so gold prices may also reverse next week.
The latest weekly Kitco News survey shows that of 11 Wall Street analysts, five, or 46%, see gold prices falling next week. Three, or 27%, expect gold prices to rise, and a similar percentage see gold trading in a narrow range.
Meanwhile, in a 194-member Main Street online survey, bullish sentiment remains dominant, with 56% expecting gold to rise next week; 29% predicting prices will fall and the remaining 15% holding a neutral view on gold’s short-term outlook.
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