In recent days, facing many unusual increases and decreases in world gold prices, the domestic gold market has shown signs of cooling down, prices have gradually decreased in a more stable direction, despite the fact that at one point the world gold price reached a record high, increasing by nearly 1% and reaching approximately 2,450 USD/ounce.
At the end of the weekend trading session, Saigon Jewelry Company listed the buying and selling price of SJC gold at 87.5 - 89.5 million VND/tael, down 200,000 VND/tael for buying and 900,000 VND/tael for selling compared to the closing price of last week.
DOJI Gold listed the selling price at 87.5 - 89.3 million VND/tael (buy - sell), down 200,000 VND/tael for buying and 500,000 VND/tael for selling compared to the closing price of the last week.
DOJI Hung Thinh Vuong 9999 gold ring price stood at 75.25 - 76.7 million VND/tael, down 550,000 VND/tael for buying and 700,000 VND/tael for selling compared to the closing price last week.
Phu Nhuan Jewelry Joint Stock Company (PNJ) listed the price of SJC gold in the Hanoi market at 87.5 - 89.4 million VND/tael, down 200,000 VND/tael for buying and 800,000 VND/tael for selling compared to the closing price of last week.
The listed price of gold rings is at 74.6 - 76.4 million VND/tael, down 900,000 VND/tael for buying and 1 million VND/tael for selling compared to the closing price of the previous week.
Phu Quy SJC is listing SJC gold bars at 87.6 - 89.3 million VND/tael, down 200,000 VND/tael for buying and 800,000 VND/tael for selling compared to the closing price last week.
The price of Thang Long Dragon gold rings at Bao Tin Minh Chau Company stood at 75.16 - 76.66 million VND/tael (buy - sell), down 560,000 VND/tael for buying and 460,000 VND/tael for selling compared to the closing price of the previous week.
In the face of the downward trend of the domestic gold market, Mr. Vi Tuan, Investment Expert of Giavang.net, said that the domestic gold market is on a steady downward trend in the context of the unusual fluctuations in the world gold price, which are positive signs. In addition to the success of the recent gold auctions, which have contributed to reducing the pressure on the imbalance of supply and demand in the gold market, there is also the impact of information from the State Bank when it decided to inspect a number of banks and enterprises regarding compliance with legal regulations on gold trading activities; anti-money laundering; accounting regime, preparation and use of invoices and documents; declaration and implementation of tax obligations, etc.
It is known that the inspection team includes representatives of the State Bank, the Government Inspectorate, the Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade... showing the drastic participation of functional departments and branches in closely reviewing and strongly intervening to rectify this market.
Mr. Tuan also expressed his hope that this positive impact will last and bring more transparency to the market, building trust among consumers as well as businesses when participating in this precious metal investment activity.
Forecasting the gold price trend next week, Investment Expert Vi Tuan said that with the current price increase and the risks of conflict and geopolitical tensions, the world gold price may break the $2,500/ounce mark in the coming days. Even if the US Federal Reserve (Fed) cuts interest rates, it will continue to push the gold price higher, reaching $3,000/ounce is very likely. However, the impact of increasing domestic gold prices is not yet certain. The domestic gold market may move sideways in the coming days.
After two gold auctions on May 21 and 23, the total volume of gold bars that businesses have bid for has reached 21,300 taels of gold. With a large volume being "pumped" into the gold market, the reduced supply and demand pressure is certainly a supporting reason to stabilize gold prices in the short term.
According to Ngoc Quynh/Tin Tuc Newspaper
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-trong-nuoc-giam-dan-bat-chap-bien-dong-thi-truong-the-gioi/20240526073938463
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