The price of SJC gold bars decreased by 50,000 VND/tael on the morning of May 23, Eximbank bought at 66.6 million VND, sold at 67 million VND; Saigon Jewelry Company - SJC bought at 66.6 million VND, sold at 67.2 million VND... The price of gold rings also decreased by 150,000 VND per tael, SJC Company bought at 55.85 million VND, sold at 56.95 million VND. The price of gold rings has decreased by more than half a million VND per tael compared to last week. However, gold ring buyers suffered a heavy loss of about 1.6 million VND per tael when the buying and selling prices were quite different.
SJC gold bars slightly decreased
World gold prices fell by $15/ounce to $1,968/ounce. Metal prices fell sharply due to forecasts of US interest rate increases. Members of the US Federal Reserve (Fed) believe that USD interest rates will increase above 6% so that inflation can reach the 2% target.
Gold buying in the market appeared when prices fell. The world's largest gold investment fund, SPDR, bought 1.15 tons of gold, increasing its holdings to 943.89 tons. In April, the Polish Central Bank bought 14.8 tons of gold, the largest purchase since June 2019. The country's gold reserves increased to 243.5 tons. Poland is planning to buy an additional 100 tons of gold to its reserves.
Other central banks that bought gold in April included the People's Bank of China, the Czech National Bank and the Central Bank of Mongolia, with purchases of 8.1 tonnes, 1.8 tonnes and 1 tonne respectively, according to the World Gold Council.
In contrast, the Turkish Central Bank is estimated to have sold 80.8 tonnes of gold in April to meet rising domestic demand. Türkiye was the top buyer of gold in 2022. But in March and April 2023, the Turkish Central Bank sold gold to meet rising domestic demand, curbing imports to reduce the current account deficit. Demand for gold in Turkey has increased as people use the precious metal as a hedge against inflation, which ran at more than 85% last year, and the depreciation of the local currency.
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