The difference between buying and selling gold prices is up to 1 million VND/tael.
The international gold price has dropped again, combined with the State Bank bidding for 1.5 tons of gold this morning, causing the SJC gold price to fluctuate erratically this morning. The free USD price is near 21,500 VND, the bank USD price is also stable around 21,200 VND.
SJC gold price movements at DOJI - Source: DOJI.
At nearly 10:00 a.m. today, DOJI Gold and Gemstone Group announced the price of SJC gold for the Hanoi market at VND36.4 million/tael (buy) and VND37.4 million/tael (sell). Compared to the end of yesterday afternoon, the price of SJC gold at DOJI has decreased by VND650,000/tael for buying, but only decreased by VND150,000/tael for selling.
At the beginning of the hour, the price of SJC gold listed by DOJI even dropped to 36.3 million VND/tael for buying and 37.1 million VND/tael for selling. The gap between the buying and selling prices of gold at this enterprise is currently at 1 million VND/tael, clearly showing caution.
At the Ho Chi Minh City market at nearly 10am, Saigon Jewelry Company (SJC) applied a difference in the buying and selling price of SJC gold bars of VND800,000/tael. Of which, the buying price was VND36.55 million/tael, and the selling price was VND37.35 million/tael, down VND300,000/tael and VND200,000/tael respectively compared to late yesterday afternoon.
Early this morning, the company’s gold price dropped to VND36.3 million/tael (buy) and VND37.1 million/tael (sell). Thus, from the bottom of the early morning, the gold price of SJC Company has now recovered VND300,000/tael.
Domestic gold prices continue to fluctuate strongly and unpredictably due to the impact of both domestic and foreign factors.
After June 30, the deadline for gold settlement at credit institutions, the State Bank continued to promote gold bidding. Yesterday, more than 1.5 tons of gold offered for bidding were "cleaned up" by banks and businesses. Today, the State Bank offered another 1.5 tons of gold for bidding.
The results of recent gold bar auctions show that the demand for gold bars is still high, even though banks have stopped buying to clear their balances. This may be the reason why the gap between domestic and international gold prices remains high, despite the fact that June 30 has passed.
The domestic gold price has recently been affected by the State Bank's adjustment of the exchange rate. After this move, the free USD price increased and remained at nearly 21,500 VND. This morning, the common price of this foreign currency on the "black market" in Hanoi was 21,440-21,450 VND (buy) and 21,480-21,490 VND (sell).
This morning, Vietcombank quoted the USD price at 21,170 VND (buy) and 21,240 VND (sell). Eximbank listed the price of this foreign currency at 21,170 VND and 21,245 VND, respectively.
After two consecutive recovery sessions, the international gold price turned down last night in New York. At closing, the spot gold price fell by 10.2 USD/oz, equivalent to a decrease of 0.8%, to 1,243.4 USD/oz.
In the Asian session this morning, gold prices increased slightly. At 9:45 a.m. Vietnam time, spot gold increased by 5.2 USD/oz compared to the closing price of the New York session, trading at 1,248.6 USD/oz.
This price converted to the free USD price is equivalent to 32.3 million VND/tael, 5.1 million VND/tael lower than the retail price of SJC gold.
After falling 23% in the second quarter, gold prices are showing signs of slowing down as no important US economic data has been released.
Some analysts believe that gold prices may decrease in volatility until Friday this week when the US Department of Labor releases the most anticipated statistics of the week, the June employment report. Tomorrow (July 4), the US market is closed for Independence Day, so the world gold price is likely to change little.
Gold prices continue to be under downward pressure due to the possibility that the US Federal Reserve (FED) will soon cut its easing program. Meanwhile, physical gold buying power in Asia remains low, not enough to create a strong recovery for gold prices like after the decline in mid-April.
The Euro/USD exchange rate in Tokyo this morning was generally below 1.3 USD/Euro, from over 1.3 USD/Euro yesterday morning.
The price of light sweet crude oil for futures in New York at nearly 10:00 a.m. Vietnam time was $101.83 per barrel, up $2.23 per barrel compared to yesterday's close. The sharp increase in crude oil prices was due to protests in Egypt, which made investors worry that unrest would spread in the Middle East, considered the world's oil "barnacle".
According to VnEconomy - TH
