SJC gold price falls below 40.7 million VND.

Domestic gold prices hit a three-week low due to falling international prices. Buying activity was weak as the market awaited a narrowing of the gap with international prices after June 30th.

Opening on Wednesday morning, DOJI Group quoted SJC gold bars at 40.57 - 40.67 million VND. Compared to yesterday, the selling price decreased by 120,000 VND per ounce. Phu Nhuan Jewelry Company and Phu Quy Gold Investment Company also had similar prices to DOJI, at 40.57 - 40.67 million VND as of mid-morning.

Domestic gold prices are currently at their lowest level since May 20th, but are still more than one million dong higher than the year's low of 39.6 million dong, reached in mid-April.

Vietnamese gold prices fell slightly across the board after international prices dropped by $10 per ounce late yesterday and this morning. Compared to the global market, Vietnamese gold is currently 5.7 million VND more expensive.

According to businesses, gold trading has been very sluggish recently. While a few months ago, businesses could trade thousands of ounces of gold daily, that number has now dropped to 800-900 ounces per day. PNJ believes that customers may be waiting for June 30th, when banks will have settled their gold holdings, and that domestic prices could then be closer to international prices.

According to VnExpress - TH