Domestic gold prices fell sharply

After a series of consecutive increases, today (May 13), domestic gold prices fell below the 92 million VND/tael mark.

Specifically, the price of SJC gold in Hanoi, Da Nang and Ho Chi Minh City is listed at 88.8 million VND/tael for buying and 91.3 million VND/tael for selling.

DOJI Gold in Hanoi area adjusted the price of gold bars down by 1.7 million VND in both buying and selling directions, down to 86 million VND/tael for buying and 87.5 million VND/tael for selling, respectively.

The buying and selling prices of Bao Tin Minh Chau brand gold are 87 million VND/tael and 89.2 million VND/tael respectively, down 800,000 VND for buying and 900,000 VND for selling.

Phu Quy SJC bought gold bars at 87 million VND/tael and sold at 89.4 million VND/tael, down 300,000 VND for buying and 700,000 VND for selling.

In the world market, gold prices tended to increase with spot gold increasing by 3.2 USD compared to the closing price of the previous week to 3,362.9 USD/ounce. Last week, the yellow metal had a modest gain when expectations of the US Federal Reserve (Fed) easing policy this year increased following weak economic data.

Experts say next week will be crucial to determine whether gold will hit a new record as the market digests April's consumer price index and producer price index reports.

With the domestic gold price falling sharply and the world gold price listed at Kitco at 2,362.9 USD/ounce, the gap between domestic and world gold prices widened to about 18.8 million VND/tael. In the context of soaring gold prices and widening the gap with world gold prices after the auction, experts said that offering a reasonable bid price would be a necessary solution.

Previously, regarding the gold market, the Government Office issued Document No. 213/TB-VPCP dated May 10, 2024 announcing the conclusion of Deputy Prime Minister Le Minh Khai at the meeting on solutions for managing the gold market in the coming time. Accordingly, Deputy Prime Minister Le Minh Khai directed to urgently carry out specialized inspections and examinations of the gold market; promptly rectify and strictly handle violations in the production and trading of gold bars; in case of signs of law violations, promptly transfer the dossier to the Ministry of Public Security and relevant agencies for handling according to regulations./.

News and photos: NY

According to dangcongsan.vn

Source