Domestic investors continue to sell off gold

Witnessing the sharp decline in the world market, domestic businesses also adjusted prices down in the context of investors increasing gold sales.

Opening on June 22, DOJI Group's gold selling price decreased by 220,000 VND compared to yesterday, down to 34.10 million VND. The buying price from customers decreased by a similar amount, falling close to 34 million VND.

At the same time, Phu Nhuan Jewelry Company (PNJ) announced a buying price of 33.95 million VND and a selling price of 34.20 million VND per tael, a decrease of several tens of thousands of VND compared to yesterday.

Domestic gold prices fall following world prices.

Domestic prices weakened this morning due to the decline in the international market. Accordingly, each ounce of gold fell more than 22 USD when closing the US session last night to 1,268 USD and is still struggling at this level this morning. Converted to Vietnamese currency, each tael of world gold is equivalent to 34.14 million VND.

On the trading day of June 21, the price of SJC gold decreased by about 80,000 VND in the morning session and continued to decrease by nearly 100,000 VND in the afternoon session when in just one hour, the number of customers dumping goods increased sharply due to investors' fear that the price of gold would continue to fall sharply.

According to DOJI Group, the insecurity and fear of not being able to react in time to the unstable political and economic situation has made domestic investors more concerned and cautious. These impacts have significantly affected gold holders.

"They choose one of two solutions, one is to sell off when the price is still high, the other is to stand outside and observe," this unit observed and said that at the end of the trading session on June 21, the number of customers selling still accounted for the majority (80%) of the total number of participants in transactions in the system.

In the foreign exchange market, the buying and selling prices of US dollars at banks were quite stable this morning. Accordingly, Vietcombank announced the USD price at 9am at 22,260-22,330 VND. Other banks have similar prices.

According to VnExpress