Updated date: 04/17/2024 10:07:46
Under strong selling pressure due to information that the State Bank is preparing to auction gold to increase supply, SJC gold continued to decrease this morning, April 17. The difference between SJC gold and the world price this morning narrowed by another 1 million VND/tael compared to yesterday.
Currently, SJC gold is 10.5 million VND/tael higher than world gold.
At around 9:00 a.m. on April 17, in Ho Chi Minh City, Mi Hong gold shop traded SJC gold at VND81.5 million/tael for buying and VND83.3 million/tael for selling, down VND200,000 for buying and unchanged for selling compared to late yesterday afternoon. At the same time in Hanoi, Doji Group kept trading at VND81.7 million/tael for buying and VND83.8 million/tael for selling, unchanged for buying and down VND200,000 for selling.
9999 gold rings increased slightly. SJC Company traded 9999 gold rings at 74.8 million VND/tael for buying and 76.7 million VND/tael for selling, an increase of 100,000 VND for both buying and selling compared to yesterday afternoon. Bao Tin Minh Chau Company listed at 75.33 million VND/tael for buying and 77.03 million VND/tael for selling, an increase of 50,000 VND for both buying and selling.
On the world gold market, the spot gold price on the Kitco floor on the morning of April 17 (Vietnam time) was trading at 2,382.85 USD/ounce, up nearly 20 USD compared to yesterday afternoon. This price after conversion is equivalent to 72.75 million VND/tael. Currently, the world gold price is about 10.5 million VND/tael lower than SJC gold compared to yesterday at 11.5 million VND/tael. The price of 9999 gold rings is about 4.3 million VND/tael higher than the world gold price.
Fluctuations in the international gold market are unpredictable because the geopolitical situation in the Middle East is showing signs of escalation, and Israel is considering measures to respond to Iran's attack.
Although the US Federal Reserve (FED) officials have recently repeatedly signaled a delay in cutting interest rates while the US economy remains quite strong, the USD has continued to increase in value. And this has hindered the rise of this precious metal.
However, according to senior analyst Jim Wyckoff of Kitco Metals, if the situation in the Middle East escalates, another rally in gold prices will be triggered.
According to NHUNG NGUYEN (SGGP)
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