Late this afternoon, Phu Nhuan Jewelry Joint Stock Company (PNJ) listed the price of gold rings at 74-75.8 million VND/tael (buy - sell), down 600 thousand VND/tael in both buying and selling compared to yesterday's closing price.

Bao Tin Minh Chau Company lowered the price of Thang Long gold rings to 74.23-75.63 million VND/tael (buy - sell). Compared to yesterday's closing price, the price of Thang Long gold rings today decreased by 400 thousand VND/tael in the buying direction and decreased by 600 thousand VND/tael in the selling direction.

Meanwhile, Doji Gold and Gemstone Group listed the price of 9999 round smooth gold rings at 74.15-75.75 million VND/tael (buy - sell), down 500 thousand VND/tael for buying and down 250 thousand VND/tael for selling compared to yesterday's closing price.

gold 1 253 987 483 2703.jpg
Gold ring price drops rapidly. Photo: Tam An

Similarly, Saigon Jewelry Company (SJC) also quickly reduced the price of gold rings. The price of 9999 gold rings of 1-5 chi of SJC in Ho Chi Minh City this afternoon was traded at 74.1-75.7 million VND/tael, down 400 thousand VND/tael in both buying and selling compared to the closing price yesterday.

The difference between the buying and selling price of domestic gold rings currently fluctuates from 1.4-1.8 million VND per tael.

Following the same trend, the domestic gold bar price today decreased sharply following the downward trend of the previous 3 sessions, remaining at only over 83 million VND/tael (selling).

The price of SJC gold bars today has been steadily decreasing from morning to afternoon. Compared to the closing price of yesterday, the price of SJC gold bars today decreased by 2 million VND/tael for buying and 3.5 million VND/tael for selling, listed at the end of the session at 81-83.5 million VND/tael (buying - selling).

In the last 4 sessions, the price of SJC gold bars "evaporated" 7.5 million VND/tael in buying and decreased 7 million VND/tael in selling.

Gold bar price at Doji today decreased by 2.55 million VND/tael for buying and 2.95 million VND/tael for selling compared to yesterday's closing price, closing the session at 80.95-83 million VND/tael (buy - sell).

In the last 4 sessions, the price of gold bars at Doji 'flew' 7.45 million VND/tael in buying and decreased 7 million VND/tael in selling.

Gold prices in the international market are also on a downward trend. Gold prices have plummeted amid cooling inflation in the US, with the market expecting the country to soon cut interest rates.

At 4:23 p.m. on June 1 (Vietnam time), the spot gold price was at 2,326.7 USD/ounce, down 20.3 USD/ounce compared to last night.

World gold converted at the current exchange rate at Vietcombank costs more than 71.45 million VND/tael (excluding taxes and fees).

The gap between domestic and international gold prices has narrowed significantly. Compared to world gold prices, the price of SJC gold bars is currently VND12.05 million/tael higher, while the price of SJC gold rings is VND4.25 million/tael higher.

Gold price today June 1, 2024 continuously decreased, SJC is only over 83 million VND . Gold price today June 1, 2024 in the country, SJC gold bars decreased sharply, up to 2.5 million VND per tael in the early morning, down to 84.5 million VND/tael (sold). After that, the gold price continued to "fall freely".