SJC gold prices rose again, hovering around 42.50 million VND.

Global market pressure has helped domestic SJC gold prices rebound this morning, May 3rd, with the brand currently trading around 42.50 million VND per tael.

Photo: Tran Viet/VNA

Specifically, the buying price of SJC gold in Ho Chi Minh City is 42.25 million VND/ounce, while the selling price is 42.50 million VND/ounce.

Similarly, in the Hanoi market, the selling price of SJC gold listed at DOJI Company also reached 42.50 million VND/ounce, while the buying price was 42.30 million VND/ounce.

Yesterday, this brand unexpectedly dropped by over 500,000 VND/ounce and closed the previous trading session at a selling price of 42.35 million VND/ounce.

At the same time, Bao Tin Minh Chau Company listed the price of Thang Long Dragon gold at 39.75-40.00 million VND/ounce (buying/selling price). Yesterday, this brand also lost 450,000 VND/ounce.

According to an announcement from the State Bank of Vietnam, today, May 3rd, an auction will be held to offer another 26,000 taels (equivalent to 1 ton of gold) at a reference price of 42.25 million VND/tael, which is 250,000 VND/tael lower than SJC's selling price earlier this morning.

Since the end of March 2013, the State Bank of Vietnam has organized 12 gold auctions, releasing 340,700 taels of gold into the market, equivalent to over 13 tons.

However, to date, the price difference between this brand and the world market remains at a record high, currently maintaining at 5.85 million VND/ounce (almost double the price before the State Bank of Vietnam held the gold bullion auction).

Globally, gold prices also recovered strongly despite profit-taking pressure from investors. Currently, the spot gold price on the Kitco exchange is fluctuating around $1,470.9 per ounce, up $12 per ounce from the previous closing session.

Meanwhile, on the Comex exchange, the price of gold for June delivery closed yesterday up $21.6 per ounce at $1,467.6 per ounce.

In yesterday's trading session (May 2nd), the world's largest gold exchange-traded fund, SPDR Gold Trust, sold 6.01 tons of gold, marking its 19th consecutive selling session since the beginning of the year.

Since the beginning of the year, the fund has sold a net of over 281.5 tons of gold, nearly three times the net purchase amount of the previous year.

At this price, after converting using Vietcombank's exchange rate of 20,960 VND/USD, this precious metal is currently equivalent to 37.1 million VND/ounce, which is about 5.4 million VND/ounce lower than the domestic SJC brand.

In the domestic foreign exchange market, the average interbank exchange rate applied on May 3rd remained unchanged at 20,828 VND/USD, the same as at the beginning of the year. The ceiling exchange rate applied to commercial banks remained at 21,036 VND/USD.

This morning, the US dollar exchange rate at many major commercial banks increased by 5 dong/USD compared to yesterday, with the highest selling price at 20,970 dong, and the common buying price ranging from 20,900-20,925 dong/USD.

Specifically, Vietcombank listed the USD exchange rate at 20,915-20,966 VND/USD (buying/selling). Meanwhile, Vietinbank's buying rate was 20,925 VND/USD and its selling rate was 20,970 VND/USD.

Eximbank is currently buying USD at 20,900 VND/USD and selling at 20,965 VND/USD, while BIDV is listing the USD exchange rate at 20,910-20,960 VND/USD.

According to (Vietnam+) - LT