Gold bars decrease by another half million dong per tael

On the morning of August 8, the State Bank continued to reduce the selling price of gold bars for four state-owned banks and SJC, to 77.5 million VND per tael, half a million VND lower than yesterday. In total, since the beginning of the week, each tael of gold bar has decreased by 1.3 million VND.

According to regulations, state-owned banks and SJC are allowed to sell at a maximum difference of 1 million VND compared to the direct selling price from the State Bank. Therefore, the price of gold bars is adjusted accordingly by these organizations.

At Saigon Jewelry Company (SJC), each tael of gold bar is bought and sold at 76.5 - 78.5 million VND. The buying and selling margin remains at 2 million VND, similar to previous sessions. DOJI Jewelry Group and Bao Tin Minh Chau also adjusted the selling price to 78.5 million VND.

Unlike gold bars, the price of 24K plain rings remained unchanged on the morning of August 8. SJC sells each tael of this type of gold at 75.9 - 77.3 million VND.

Gold bar purchase transaction at the counter of a state-owned bank in Ho Chi Minh City, June 3

The price of gold on the international market has fallen below 2,400 USD per ounce, equivalent to more than 73 million VND per tael when converted according to Vietcombank exchange rate. Thus, the difference between domestic and international prices is more than 5 million VND.

Precious metals have been volatile in the world market in recent days. At one point in the first session of the week, each ounce lost more than 70 USD in one day, in the context of a series of financial markets around the world plummeting. However, when financial markets recovered after the sell-off, gold tended to stagnate.

Krishan Gopaul, a market analyst at the World Gold Council (WGC), cited data from the People's Bank of China (PBOC) as saying that the country had not bought gold for three consecutive months through July. Last year, the PBOC added 225 tonnes to its reserves, the largest one-year increase since 1977, according to the WGC. However, in May, the agency ended an 18-month buying spree of the precious metal as prices rose.

Domestically, since the beginning of this week, SJC has bought back one-letter and dented gold bars, after the State Bank granted a processing limit for the gold in stock.

VN (according to VnExpress)

Source: https://baohaiduong.vn/vang-mieng-giam-them-nua-trieu-dong-moi-luong-389709.html