Gold prices fell by more than 300,000 VND per tael.

On the morning of May 7th, the spot gold price in Asia fell by $5.60 to $1,464.70 per ounce. Prior to that, at the close of trading last night, the price of gold futures for June 2013 on the Comex exchange in the US rose slightly by $3.80 to $1,468 per ounce.



Domestic gold prices have fallen sharply by more than 500,000 VND in the last two trading sessions compared to the end of last week. This morning alone, SJC gold dropped by over 300,000 VND per tael. SJC gold bars are currently being bought at 41.43 million VND per tael and sold at 41.68 million VND per tael. Meanwhile, SJC gold rings are being bought at 3.898 million VND per tael and sold at 3.948 million VND per tael.

According to Phu Nhuan Jewelry Company, domestic gold prices have been rapidly declining in recent sessions due to the sharp decrease in the USD/VND exchange rate after the holiday. Currently, the difference between domestic and world gold prices is approximately 4.5 million VND per ounce.

This morning, the State Bank of Vietnam continued to hold an auction of 26,000 SJC gold bars, equivalent to 1 ton of gold. The reference price set by the State Bank of Vietnam for this auction is 41.85 million VND/ounce.

According to Tuoi Tre - TH