At the beginning of the week, gold prices fell by 300,000 VND per tael.
The significant drop in global gold prices has caused the price of the precious metal in Vietnam to "evaporate" by 300,000 VND/ounce in the first trading session of the week (June 24).
| Gold prices fell sharply at the start of the week. |
At the market opening, each SJC gold bar was listed by Saigon Jewelry Company at 39 million VND - 39.35 million VND (buy-sell), maintaining the buying price but decreasing the selling price by 50,000 VND compared to the end of last week. By over 9 am, the price had further decreased to 38.85 million VND/ounce - 39.15 million VND/ounce. Thus, compared to June 22nd, the gold price has "evaporated" by 150,000 VND in the buying price and 250,000 VND in the selling price.
Doji Group adjusted the price down by 250,000 VND and 300,000 VND respectively, bringing the price to 38.90 million VND/ounce - 39.10 million VND/ounce for retail transactions and 38.91 million VND/ounce - 39.09 million VND/ounce for wholesale transactions.
Over the past week, the market experienced significant price fluctuations, particularly on Thursday and Friday. As a result, the price of precious metals in Vietnam decreased by 1.1 million VND per tael over the entire week.
Domestic gold prices fell at the start of the week, pressured by the global market. This morning, in the Asian market, the spot gold price dropped by $8.3 per ounce to $1,290.3 per ounce.
Earlier, in last weekend's trading session, the spot gold price rose $20.8/ounce to $1,298.6/ounce; the August gold futures price reached $1,292/ounce after a 0.5% increase, as the sharp drop in the previous session prompted investors to seek refuge in this commodity again. Despite the strong increase in the final trading session of the week, the price of the precious metal fell nearly 7% overall this week, the sharpest weekly decline since September 2011.
A survey conducted by Kitco News with 19 people regarding the price of gold next week showed that 11 predicted a decrease, while 4 thought the price would increase, and the remaining 4 believed it would remain stable.
Currently, the price of gold in Vietnam is 6.3 million VND higher than the world price per ounce.
According to HNMO-TH
