Gold prices rose to 38.15 million VND per tael.
At 8:15 AM on August 27th, SJC gold was selling for 38.15 million VND/ounce, while world gold prices fell to 1,398 USD/ounce.
At the opening of today's trading session, the price of SJC gold was adjusted upwards by 50,000 VND/ounce compared to the closing price yesterday afternoon. The buying and selling prices in Ho Chi Minh City are currently 37.95-38.15 million VND/ounce.
The difference between the buying and selling price is currently 200,000 VND per tael.
The world gold price in the Asian trading session at 8:15 AM this morning was $1,398.7, a slight decrease compared to the price at 6:00 AM. Converted to Vietnamese currency, the world gold price is equivalent to 35.74 million VND/ounce, which is 2.41 million VND/ounce lower than the SJC gold price.
At the close of trading last night on the Comex exchange in New York, December gold futures closed down $2.70 at $1,393/oz; spot gold fell $4.30/oz to $1,394/oz.
By 6:00 AM this morning, the price had risen again to $1,401/oz.
The factor contributing to the drop in gold prices was yesterday's US trade report showing that US long-term goods orders fell below expectations, reaching only 7.3% in July.
The decline in long-term orders and weaker-than-expected US housing data (from last Friday) have dampened expectations that the Federal Reserve will begin its quantitative easing program in September.
Gold markets in most countries are trading slower at the start of the week, as the UK has a public holiday on Monday and an unofficial break for the last week of summer, and then the US Labor Day holiday will arrive next Monday.
Next week, traders are expected to return in full force after the summer break, and key economic data will be released. The US Congress will also return to work after its summer recess in mid-month to discuss several important issues.
In addition, the US dollar price index strengthened yesterday, adding downward pressure to precious metals. Meanwhile, on the Nymex exchange, crude oil futures prices also fell slightly.
These developments are leaving gold prices fluctuating between expectations of reaching a high above $1,400/oz this week and the risk of a slight decline.
According to VOV - TH
