Despite the world gold price continuing to decrease after reaching its peak, the domestic SJC gold bar price still increased and remained high, causing the gap between domestic and foreign gold prices to grow larger and larger.
Recording the price of SJC gold at around 4 p.m. on December 13 in Ho Chi Minh City, PNJ Company increased by 200,000 VND in both buying and selling prices compared to the previous day, listed at 72.7 million VND/tael for buying and 73.7 million VND/tael for selling. At the same time in Hanoi, Phu Quy Group also listed the price of SJC gold at 72.9 million VND/tael for buying and 73.8 million VND/tael for selling, an increase of 250,000 VND in buying and 200,000 VND in selling.
While the price of SJC gold goes against the world gold price, the price of 4-digit 9 gold rings is reduced by gold trading enterprises. Specifically, SJC Company quoted the price at 59.9 million VND/tael for buying and 60.95 million VND/tael for selling, down 150,000 VND compared to the previous day. Similarly, PNJ Company also traded 4-digit 9 gold rings at 59.9 million VND/tael for buying and 61.1 million VND/tael for selling, down 100,000 VND for both buying and selling.
On the world gold market, the closing price of gold in New York decreased by nearly 2 USD/ounce compared to the previous session, down to 1,970.5 USD/ounce, down nearly 2 USD/ounce compared to the previous session. The spot gold price on the Kitco floor on the afternoon of December 13 (Vietnam time) was traded at 1,980.1 USD/ounce, this price after being converted according to the USD/VND exchange rate at Vietcombank on the same afternoon was equivalent to 56.9 million VND/tael, higher than the world gold price by about 16.9 million VND/tael and higher than the price of 4-number-9 gold rings by about 4.2 million VND/tael.
World gold prices continued to fall after the latest US inflation report was not much different from the same period last year, further reducing the possibility of the Federal Reserve (Fed) cutting interest rates in March next year and extending to May. In addition, the world's largest gold exchange-traded fund (ETF) SPDR Gold Trust also sold gold for the second consecutive session, with a net sale of about 2.8 tons, reducing the amount of gold held to nearly 875.7 tons of gold. In two consecutive sessions, this fund sold nearly 5 tons of gold. Although the world gold price increased sharply and set an all-time record early last week, this fund still sold more than bought.
Nhung Nguyen
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