This week, the price of gold bars has been closely adjusted according to the developments of world gold prices. Photo: Minh Quyet/VNA |
At the end of the weekend trading session, SJC 9999 gold ring listed buying and selling prices at 82.6 - 84 million VND/tael, down 200,000 VND/tael for buying and 700,000 VND/tael for selling compared to the closing price at the end of last week.
Bao Tin Minh Chau gold rings closed the week at 82.98 - 84.08 million VND/tael (buy and sell), down 700,000 VND/tael compared to the closing price at the end of last week.
Falling further, Phu Quy brand gold rings recorded a decrease of up to 800,000 VND/tael in both buying and selling directions this week, Phu Quy gold rings are listed at 82.7 - 84 million VND/tael (buy - sell) in the last trading session of the week.
Meanwhile, DOJI Gold and Gemstone Group's gold rings decreased slightly, only 500,000 VND/tael throughout the week and closed the weekend session with buying and selling prices standing at 83 - 84 million VND/tael.
In general, in the gold ring market, the difference between the two buying and selling directions is currently at 1 - 1.4 million VND, down from 1 - 1.9 million VND at the end of last week. Similar to gold bars, gold rings this week also always adjust closely to the movements of world gold prices, so the difference with world gold, although expanding continuously, is not too strong and always maintained within the range of above and below 2 million VND/tael.
In the first week of December, gold bar prices were quite active and closed at the lowest level in 10 days with 1 session of increase, 2 sessions of decrease and 3 days of sideways trading price.
Specifically, at Saigon Jewelry Company Limited, SJC gold bars were set at VND82.7 - 85.2 million/tael (buy - sell) at the weekend trading session. Compared to the closing price at the end of last week, the buying and selling prices both decreased by VND700,000/tael.
At Bao Tin Minh Chau brand stores, gold bars are currently at 82.7 - 85.2 million VND/tael (buy - sell), also down 700,000 VND/tael in both buying and selling directions compared to the transaction price at the end of last week.
Similarly, Doji Gold and Gemstone Group is also listing the price of gold bars at 82.7 - 85.2 million VND/tael, with the closing buying and selling prices this week also decreasing by 700,000 VND for buying and selling compared to the end of last week.
Thus, after a week of fluctuations, SJC gold bars have decreased by 700,000 VND/tael. The difference between buying and selling prices has always been maintained at a distance of 2.5 million VND/tael. With the current selling price of 85.2 million VND/tael, SJC gold bars are anchored at the lowest level since November 27; however, they are still higher than the world gold price of 2.68 million VND/tael - equivalent to the difference at the end of last week.
Meanwhile, in the first week of December, the world gold market continuously struggled and fluctuated around the price of 2,645 USD/ounce. At the beginning of the week, spot gold fell from 2,648.65 USD/ounce to only 2,623 USD/ounce. But not long after, Asian and European investors pushed the spot gold price to 2,650 USD/ounce; but that peak price did not last long when this precious metal fell back to 2,635 USD/ounce.
At the end of the week, gold prices moved sideways in a narrow range. SPDR Gold Trust - the world's leading gold trust fund - also started December with a net sell status after selling more than 13 tons of gold in November. This week, the fund had 3 sessions of reducing its holdings on December 2, 3, and 5. Currently, the amount of gold held by SPDR Gold Trust is at 871.94 tons - recording a net sell status of 6.61 tons per week.
Forecasting fluctuations in the global gold market. Expert Truong Vi Tuan, Giavang.net said that official data from the People's Bank of China (PBOC) said that it continued to buy gold for reserves in November after a 6-month pause. China's gold reserves increased to 72.96 million ounces of pure gold at the end of November, up from 72.80 million ounces of gold the previous month. Also this week, the World Gold Council (WGC) announced that central banks around the world bought a net 60 tons of gold in October, the largest addition in a month this year.
In the short term, the outlook for the global gold market is quite neutral, with no clear drivers for price increases. In the domestic market, if this week, the price of gold bars is trending downward, but the decrease is less than 1 million VND/tael, it is not enough to stimulate investors' buying or selling psychology. Most likely, with the quite positive demand for the annual wedding season and the increasing demand for gifts, the demand for buying gold to hold will still be positive.
According to Mr. Tuan, if the world gold price continues to maintain the current price range of 2,600 - 2,650 USD/ounce, the domestic gold bar price may fluctuate around the current level. However, if the international gold price exceeds 2,650 USD/ounce and especially exceeds 2,700 USD/ounce, that will be the driving force that will push the gold bar price to a new level of 86 - 87 million VND/tael.
In case the world gold price loses the threshold of 2,600 USD/ounce, gold demand will likely increase when the domestic gold bar price falls to the range of 83 - 84 million VND/tael.
With the increase in the USD/VND exchange rate in the last days of the year, it is understandable that the price of gold is 'stable at a high level' near the record peak. Investors continue to hold gold as a safe and effective investment channel.
As for the price of gold rings next week, it is likely to continue to increase gradually as the demand for gold at the end of the year is quite high. The annual wedding season, the demand for buying gifts increases at the end of the year and preparations for the God of Wealth on the 10th day of the first lunar month will create momentum for the market. With the world gold price maintaining a range of about 2,600 - 2,650 USD/ounce, it is believed that the domestic gold ring price will be well maintained at the current price level.
Similar to the forecast for gold bars, the price of gold rings may decrease to VND82-83 million/tael if the international gold price "slips" to the price of USD2,600/ounce. However, if this precious metal exceeds the USD2,700/ounce mark, it is likely that the domestic price of gold rings will reach VND85-86 million/tael.
Source: https://baothuathienhue.vn/kinh-te/chenh-lech-gia-vang-trong-nuoc-va-the-gioi-duy-tri-duoi-3-trieu-dong-luong-148811.html
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