Gold price plummets, suspense follows auction session

At 10am this morning, the price of SJC gold this morning dropped to 37 million VND/tael, despite the world gold price increasing by over 20 USD/ounce from last night and this morning. The buying price is just over 36 million VND/tael.

Saigon Jewelry Company listed the price of SJC gold in Ho Chi Minh City at 36.45-37.12 million VND/tael (buy - sell). Meanwhile, DOJI Jewelry Group listed the price of SJC gold in Hanoi market at 36.45 million VND/tael (buy) and 37.15 million VND/tael (sell). Thus, compared to early morning, by around 10am, the gold price had slightly increased in both buying and selling directions.
Compared to late yesterday afternoon, SJC gold price has decreased by about 650,000 VND/tael for buying and 150,000 VND/tael for selling.

The movement of gold price during the day depends on the amount of gold won in the auction and the price offered. Businesses and investors also lower their transactions to wait for the results of the auction.

The State Bank continues to bid for gold after the June 30 settlement deadline while credit institutions no longer have demand for gold settlement, so the market is expecting the gap between domestic gold prices and converted international gold prices to be shortened - and this is entirely possible.

In the free market, the black market USD price is approaching 21,500 VND. Meanwhile, Vietcombank quoted USD prices at 21,160 VND (buy) and 21,220 VND (sell). Eximbank listed USD prices at 21,150 VND and 21,230 VND respectively.

With this USD price, if converted to international gold price, the world gold price at 9:30 am in Vietnam is equivalent to 32.55 million VND/tael, 4.45 million VND/tael lower than the SJC gold price. This number is gradually decreasing.
At 9:30 this morning, the world gold price was at 1,257.8 USD/ounce.

According to Vietnamnet - TH