Gold prices fell sharply again

Unlike the trading session on the morning of June 16, this morning (June 17), gold prices reversed and decreased sharply in both the "domestic" and "foreign" markets.

Illustration photo

Last night (Hanoi time), the world gold market witnessed an unusual drop in gold prices.
At the beginning of the trading session in the European market, the price of gold increased sharply by more than 20 USD/oz, reaching the mark of 1,315 USD/oz. However, by the end of the session, the price of gold plummeted by 35 USD/oz, at one point down to 1,278 USD/oz and closed at 1,296 USD/oz.

The domestic gold market also had a volatile session this morning. At the opening of the session, each tael of SJC gold decreased by 350,000 - 370,000 VND/tael. After that, the gold price increased slightly again. By 10:30 this morning, each tael of gold increased by 80,000 VND.

Specifically, SJC gold in Ho Chi Minh City market traded at 34.08 - 34.38 million VND/tael, down 350,000 VND/tael for buying. In Hanoi market, SJC gold traded at around 34.08 - 34.4 million VND/tael, down 370,000 VND/tael for buying and down 260,000 VND/tael for selling at the close of the afternoon session on June 16.

DOJI Group listed the buying and selling prices in Hanoi at 34.22 - 34.320 million VND/tael; in Ho Chi Minh City, the group listed the buying and selling prices of SJC gold at 34.24 - 34.40 million VND/tael, down 270,000 VND/tael (buying) and 250,000 VND/tael (selling).

Phu Quy Company listed the price of SJC gold on the market at 33.22 million VND/tael (buying price) and 34.32 million VND/tael (selling price), down 1.26 million VND/tael compared to buying price and 240,000 VND/tael compared to selling price at the same time yesterday morning.

Thus, this morning, both the domestic and international gold markets are experiencing strong fluctuations, increasing and decreasing abnormally just after a few hours of opening. Most domestic gold and silver trading companies this morning have sharply reduced their buying prices and reduced their selling prices, causing a large gap between the buying and selling prices of gold.

This is a move by companies to limit the situation of gold dumping in the market, making the market avoid strong fluctuations. Investors at this time also need to calmly consider the market, should not sell off causing instability to the market and damage to the interests of investors themselves.

Converted according to the bank exchange rate of the day, each tael of gold on the world market is currently priced at about 34.61 million VND (excluding taxes, fees, and processing), about 600,000 VND/tael higher than the domestic SJC gold price.

This morning (June 17), the State Bank announced the exchange rate of Vietnamese Dong against USD at 21,862 VND/USD, down 16 VND compared to the transaction rate on June 16.
Along with that downward trend, this morning commercial banks simultaneously listed a decrease of 5-10 VND/USD compared to yesterday.

Specifically, Vietcombank listed the USD/VND exchange rate at 22,260 - 22,330 VND/USD (buy - sell); Vietinbank listed the USD/VND exchange rate at 22,255 - 22,335 VND/USD (buy - sell); Eximbank listed the USD/VND exchange rate at 22,260 - 22,340 VND/USD; BIDV listed the USD/VND exchange rate at 22,270 VND/USD for buying and 22,340 VND/USD for selling.

According to Economics and Urban