Gold purchase price exceeds 43 million VND/tael

At nearly 9am, SJC gold in Ho Chi Minh City was bought at 43.05 million VND/tael - an increase of 100,000 VND/tael compared to the buying price yesterday morning.

World gold prices have cooled down, domestic gold prices have increased slightly. Getty photo

At the same time, at the Sacombank-SBJ system, SBJ gold was quoted at the same price as SJC gold in Ho Chi Minh City, at 43.05 million VND/tael and the selling price was 43.45 million VND/tael - an increase of 100,000 VND/tael.

PNJ gold bought this morning was 150,000 VND/tael higher than yesterday, from 42.95 million VND/tael to 43.1 million VND/tael. Selling price was 43.38 million VND/tael - an increase of 130,000 VND/tael. Bao Tin Minh Chau's Thang Long Dragon Gold price had the strongest increase.

This type of gold is being bought and sold for around 42.4 - 42.65 million VND/tael, up 250,000 - 400,000 VND/tael compared to Thursday afternoon. With the current listed price, Thang Long Dragon Gold is only about 700,000 - 800,000 VND/tael lower than the price of PNJ, SJC and SBJ gold, this difference used to be up to 1.1 million VND/tael.

In general, this morning, domestic gold prices have warmed up after several consecutive sessions of decline. Gold bars of various brands have generally increased by about 100,000 VND to 150,000 VND per tael. Particularly, Bao Tin Minh Chau's Thang Long Dragon Gold has increased by 400,000 VND per tael (buying price).

Domestic gold prices continue to move in opposite directions to international gold prices. While world gold prices go up, domestic gold prices go down. This morning, world gold prices cool down while domestic gold prices go up.

Compared to the price surveyed at the beginning of Thursday morning, the price of gold in the New York market has decreased by about 3 USD per oz, down to 1,610 USD/oz. Converted according to the USD exchange rate at Vietcombank (21,021 VND), the international gold price is around 40.77 million VND/tael - about 2.5 - 2.7 million VND/tael lower than the "domestic" gold price.

It is known that gold lost value overnight due to the USD appreciating against the Euro. Fearing the spread of the European debt crisis, many investors turned to USD, instead of gold, as a safe asset to avoid risks.

Experts say that investors no longer consider gold a true safe asset, and that is one of the reasons why gold prices have not performed well.

During the session, the SPDR Gold Trust continued to sell 13.31 tons of gold, reducing its holdings to 1,254.57 tons of gold, equivalent to 40,335,690.64 ounces, worth 64.78 billion USD. The selling move of the world's largest gold trust fund was also the reason for the sharp decline in gold prices.

According to NDHMoney