Gold prices fell by more than 100,000 VND per tael.
On the morning of July 16th, domestic gold trading businesses simultaneously reduced prices by more than 100,000 VND, listing them below 37.50 million VND per tael.
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Gold prices fall. (Illustrative image) |
Doji Group lowered the price by 130,000 VND and 140,000 VND respectively, to 37.16 million VND/ounce - 37.46 million VND/ounce for retail transactions and 37.17 million VND/ounce - 37.45 million VND/ounce for wholesale transactions.
Compared to the previous day, the buy-sell spread for gold remained unchanged at 300,000 VND. However, this spread is already wide given the lack of significant price fluctuations in the market. Businesses maintain such a wide spread to mitigate risk, as the State Bank of Vietnam is holding an auction to sell an additional 26,000 taels of gold. Businesses are awaiting the results of this auction.
Turning to the global market, spot gold prices in Asia are showing a decrease of $2.5/ounce, trading at $1,280.7/ounce. At the close of yesterday's session, spot gold prices fell $0.7/ounce to $1,284.5/ounce, while August gold futures rose $5 to $1,282.5/ounce.
Gold prices edged lower as investors cautiously awaited the Federal Reserve Chairman's testimony during his testimony on Wednesday and Thursday of this week.
According to technical analysis, the immediate resistance level for gold is $1,293.6 per ounce, followed by $1,297.2 per ounce. The first support level is $1,272.5 per ounce, followed by $1,262.1 per ounce.
At current prices, the world gold price, converted to Vietnamese dong, is 32.80 million dong per tael. Therefore, the price of the precious metal in Vietnam is 4.7 million dong higher than the world price per tael.
According to HNMO -TH
