Domestic gold prices plummet from historic peak

Last night's trading session, the international gold price decreased by 1.5% to 3,372.68 USD/ounce. Early this morning, the gold price was 3,340 USD/ounce, and by nearly 9am it was 3,384 USD/ounce.

Gold prices fell sharply due to the rise in the US stock market and the recovery of the USD. In addition, after the price of precious metals reached a high, some investors took advantage of the opportunity to take profits.

Gold price drops 2 million VND per tael. Photo: HT

In the domestic market, at nearly 9:00 a.m., Saigon Jewelry Company listed SJC gold bars at VND120 million/tael (buy) - VND122 million/tael (sell), down VND2 million/tael each way compared to the end of the previous day.

The price of gold rings here also decreased by 2 million VND/tael, down to 116 million VND/tael (buy) - 119 million VND/tael (sell).

Phu Nhuan Jewelry Joint Stock Company reduced the price of gold rings by VND1 million/tael (buying) and VND900,000/tael (selling), down to VND116 million/tael (buying) - VND119.1 million/tael (selling).

This business also reduced the price of gold rings by 2 million VND/tael each way, to 120 million VND/tael (buy) - 122 million VND/tael (sell).

However, the decrease in domestic gold prices is still slower than the world price. Therefore, the price difference between the two markets is over 15 million VND/tael instead of over 14 million VND/tael yesterday afternoon.

Previously, on April 22, the price of SJC gold bars increased by 6 million VND/tael, to 124 million VND/tael - the highest level ever; the price of gold rings "increased" by 3.1-4.5 million VND/tael. The sharp increase in domestic gold prices was not only due to the influence of the world market but also due to high demand for gold while supply was limited.

Source: https://hanoimoi.vn/gia-vang-trong-nuoc-lao-doc-tu-muc-dinh-lich-su-700034.html