Domestic gold price 'collapses' to 83 million VND/tael
SJC gold fell sharply in both buying and selling directions, bringing the price down to 83 million VND/tael, world gold prices continued to fall.
At the time of survey at 5:00 a.m. on June 2, the gold price on the trading floors of some companies was as follows:
Gold price9999 is listed by DOJI today at 80.95 million VND/tael for buying and 82.75 million VND/tael for selling.
At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 81.00 - 83.00 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Limited Company is also traded by the enterprise at 80.95 - 83.45 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,329.15 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 70.584 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 10.416 million VND/tael higher than the international gold price.
Gold prices pared earlier gains and fell below $2,329 an ounce on Friday after U.S. PCE inflation data matched estimates, giving the Federal Reserve room to cut interest rates this year. The odds of the Fed easing policy increased slightly in September, November and December.
Although gold fell this week, experts said there are many reasons for investors to believe that this precious metal can find momentum for price increases next week, including the possibility of a long-awaited interest rate cut, the risk of a weakening labor market, especially strong demand from investors in many countries around the world.
