Domestic gold prices continue to fall despite strong increase in world gold prices

At the end of the trading session on the afternoon of December 9, Saigon Jewelry Company listed the buying price of gold at VND54.75 million/tael; the selling price was VND55.30 million/tael, both down VND200,000/tael for buying and selling compared to the opening time of the trading session on the same morning.Gold selling pricestill 450,000 VND/tael higher than the purchase price.

Late this afternoon, DOJI Group listed the gold buying and selling prices at 54.50 - 55.30 million VND/tael, down 350,000 VND/tael for buying and down 250,000 VND/tael for selling compared to the early morning of December 9. The difference between the gold buying and selling prices widened from 700,000 VND/tael to 800,000 VND/tael.

Domestic gold prices fell sharply at the end of December 9. (Illustration photo)

Notably, while domestic gold prices fell sharply, world gold prices continued to increase, as investors worried about the situation.economic recessiondue to the Covid-19 pandemic. Meanwhile, on December 8, the US House of Representatives passed the $740 billion annual Defense Budget Bill, despite repeated veto threats from incumbent US President Donald Trump.

Currently on the Kitco floor, the gold price has increased to 1,858 USD/oz. Converted according to the USD exchange rate at Vietcombank, 1 USD = 23,220 VND, the world gold price is equivalent to 51.97 million VND/tael, 3.33 million VND/tael lower than the SJC gold selling price at the end of December 9./.