Domestic gold is 1.8 million VND/tael more expensive than world gold.

Domestic gold prices continued to decrease slightly on the morning of October 11 despite the increase in world gold prices. This has widened the gap between the two markets.

At 8:50 a.m., SJC gold was listed by Saigon Jewelry Company at VND35.47 - 35.72 million/tael (buy - sell), down VND50,000/tael compared to the end of yesterday.

At this time, Doji Group also listed the price of SJC gold at 35.62 - 35.68 million VND/tael, respectively for buying and selling prices. This price decreased by 30 thousand VND/tael compared to yesterday's closing price.

In the trading session on October 10, world gold prices recovered, amid easing speculation about the possibility of the US raising interest rates in the short term and Chinese traders returning to the market after the holiday.

At the close of trading on the New York Mercantile Exchange (COMEX), gold for December delivery rose 0.7% to $1,260.40 an ounce. Last week, the price of this commodity recorded its sharpest weekly decline since November 2016. Spot gold rose slightly 0.2% to $1,259.48 an ounce.

At 9:00 a.m. Hanoi time, the world spot gold price was at 1,259.5 USD/ounce. Converted according to the exchange rate at Vietcombank today, the domestic gold price is currently about 1.8 million VND/tael more expensive than the world price (excluding taxes and fees).

Thus, the above developments show that domestic gold prices are "going against the current", which causes the gap between the two markets to widen again.

Hai Long/news