After the holiday, gold prices dropped by 200,000 VND per tael.
Currently, the price of gold in Vietnam is 42.70 million VND/ounce. World gold prices have also fallen to 1,454.95 USD/ounce.
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After a five-day holiday, domestic gold prices opened lower this morning (May 2nd), down 200,000 VND per ounce compared to the closing price of last weekend (April 27th).
In Ho Chi Minh City, SJC gold listed at Saigon Jewelry Company currently has a buying price of 42.50 million VND/ounce and a selling price of 42.70 million VND/ounce.
According to DOJI's listing in Hanoi, SJC gold is currently trading at an opening price of 43.50 million VND/ounce (buying price). The selling price is listed at 42.72 million VND/ounce.
The spread between buying and selling prices remains low at 200,000 VND/ounce.
Compared to 7:00 AM this morning (Vietnam time), world gold prices continued to fall by $2/oz to $1,454.95/oz. According to the exchange rate at Vietcombank this morning, 1 USD = 20,960 VND, world gold is currently equivalent to 36.71 million VND/ounce. The world gold price is currently 5.99 million VND/ounce lower than the domestic gold price.
On the world market, at the close of yesterday's trading session, the price of gold fell by $21.30/oz to $1,456.25/oz.
Global gold prices ended Wednesday's trading session lower, marking a decline for the fourth consecutive day. The drop in gold prices occurred amidst a general sell-off in commodities, particularly raw materials, led by crude oil. Several weak economic data points from China released overnight also added selling pressure on gold and silver in the market.
On the Comex exchange, spot gold prices closed down $21.30/oz at $1,456.25/oz. June gold futures also closed down $17.10/oz at $1,455.00/oz.
Late yesterday (May 1st), the US Federal Reserve (FED) announced the conclusions of its two-day meeting of the Federal Open Market Committee (FOMC). The conclusions were as expected and therefore came as no major surprise. Accordingly, the FED did not mention a timeframe for a quantitative easing program, nor did it provide a slight increase in prices for precious metals and raw materials.
Although the Fed's bearish stance on precious metals and other commodities remains a closely guarded secret, gold prices recovered some of their losses at the end of yesterday's trading session after the Fed announced it would continue its $85 billion-per-month bond-buying program to stimulate growth.
In addition, gold prices continue to be under pressure as selling pressure from gold trusts shows no sign of stopping. According to Bloomberg, gold holdings of gold trusts decreased by a total of 174 tons in April, the sharpest decline in history as gold entered a bear market, and costing the funds $17.9 billion in value.
Many expect the European Central Bank (ECB) to cut interest rates at its monthly meeting today. Recent weak economic data from the EU has prompted action from the ECB. An ECB interest rate cut would be seen as a positive move for the metals market.
China reported official manufacturing PMI figures that were lower than expected at 50.6 in April, compared to a forecast of 50.9 in March. This data put downward pressure on raw material prices yesterday.
The US dollar index continued to fall yesterday, reaching its lowest level in nine weeks. This is also a fundamental factor driving up the price of precious metals. Meanwhile, on the Nymex exchange, crude oil futures prices fell sharply again.
According to (vov.vn) - LT
