| After the auction, the price of SJC gold and 999.9 gold rings both plummeted. Gold price today, May 23, plummeted, SJC gold fell far from the 90 million VND/tael mark. |
The price of SJC gold at businesses at noon on May 24 continued to plummet. Currently, the price of this gold brand is listed by Phu Nhuan Jewelry Company at 87.70 - 89.40 million VND/tael, down 200 thousand VND/tael for buying and down 300 thousand VND/tael for selling compared to yesterday's trading session.
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The price of SJC gold bars at Phu Quy Group is traded at around 87.60 - 89.30 million VND/tael for buying and 89.30 million VND/tael for selling, down 200,000 VND/tael for buying and down 200,000 VND/tael for selling compared to yesterday.
SJC gold price listed by Bao Tin Minh Chau Company is around 87.65 - 89.30 million VND/tael, down 200 thousand VND/tael for buying and down 200 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Bao Tin Manh Hai |
SJC gold price listed by Bao Tin Manh Hai Company is around 87.85 - 89.30 million VND/tael, down 100 thousand VND/tael for buying and down 200 thousand VND/tael for selling compared to yesterday.
Along with the decline in SJC gold prices, the price of 999.9 gold rings also dropped sharply with prices depending on each business. Specifically, Thang Long Gold Dragon ring and Kim Gia Bao ring of Bao Tin Manh Hai Company are currently trading at 75.08 - 76.58 million VND/tael for buying and selling, down 550 thousand VND/tael for buying and down 450 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Phu Quy Group |
The price of Phu Quy 999.9 round gold ring and Phu Quy 1 tael 999.9 of Phu Quy Group is trading around 75.10 - 76.60 million VND/tael; down 500 thousand VND/tael for buying and down 500 thousand VND/tael for selling compared to yesterday.
At noon on May 24, Vietnam time, the world gold price was trading at 2,337 USD/ounce. The world gold price converted to VND (including tax and processing fee) is at 72.29 million VND/tael, so the difference between the domestic and world SJC gold prices is about 17.23 million VND/tael.
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| World gold price chart this afternoon (Source: Kitco) |
After hitting a record high above $2,450, the gold market is struggling again as the US Federal Reserve’s hawkish monetary policy stance spooks the market. However, according to one market analyst, the gold rally is unlikely to end anytime soon.
In his latest gold commentary, John Ing, President and CEO of Maison Placements Canada, reaffirmed his price target, expecting the precious metal to rise to $3,000 an ounce within the next 18 months.
While the Federal Reserve's aggressive monetary policy has increased the opportunity cost of gold as a non-yielding asset, Ing said that growing government debt is overshadowing current monetary policy.
On the gold price outlook, Adam Button, head of currency strategy at Forexlive.com, said that recent data shows that Türkiye and much of the Middle East are also actively buying gold bullion, which will benefit the precious metal's price momentum in the coming period.
Sean Lusk, co-director of commercial hedging at Walsh Trading, told Kitco News that the combination of high inflation, massive debt issuance and rapid central bank money printing is driving investors into precious metals and other commodities. He said that prices will continue to rise throughout the summer.
Source: https://congthuong.vn/giam-manh-550-ngan-gia-vang-nhan-9999-xuong-con-7660-trieu-dongluong-322068.html
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