(Photo: NGOC PHUONG)
As of 11:30 a.m. on May 28, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND88.4 million/tael for buying and VND90 million/tael for selling, an increase of VND700,000 compared to the previous session. The difference between buying and selling prices was VND1.6 million/tael.
The listed SJC gold price is 88.5-90.5 million VND/tael, an increase of 600,000 VND compared to the previous session. The difference between buying and selling is 2 million VND/tael.
The price of SJC 9999 gold ring is 75 million VND/tael for buying and 76.7 million VND/tael for selling. The difference between buying and selling is 1.6 million VND/tael.
PNJ gold bought at 75 million VND/tael and sold at 76.6 million VND/tael, an increase of 200,000 VND/tael compared to the previous session.
In order to continue effectively implementing the directions of the Government and the Prime Minister on handling the high difference between domestic SJC gold bar prices and world prices, on May 28, the State Bank announced that it will adjust the plan to stabilize the gold market.
Accordingly, the State Bank of Vietnam will stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3, 2024.
Previously, from April 19 to now, the State Bank has organized 9 auctions to sell SJC gold bars to increase supply to the market; of which 6 were successful with a total winning volume of 48,500 taels of gold.
At 10:30 a.m. on May 28 (Vietnam time), the world gold price increased by 17.18 USD compared to the previous session to 2,354.46 USD/ounce.
The precious metal saw a sharp downside correction last week, but prices are recovering this week, said Kim Cramer Larsson, technical analyst at Saxo Bank. If gold breaks $2,385 an ounce, Larsson said, the previous uptrend could resume and potentially reach $2,500.
In a recent interview with Bloomberg TV, Max Layton, global head of Citigroup Commodities Research, said that the current decline in gold prices is only temporary because the US Federal Reserve (FED) will sooner or later implement more interest rate cuts, which will push gold prices to $3,000 in the next 12 months.
This morning, the USD-Index was at 104.47 points; the yield on 10-year US Treasury bonds decreased slightly to 4.462%; US stocks were closed for Memorial Day; oil prices increased slightly to 82.94 USD/barrel for Brent oil and 78.77 USD/barrel for WTI oil.
Source
Comment (0)