Gold prices fell sharply at the weekend

On the weekend morning of July 26, the price of SJC gold bars decreased by 600,000 VND/tael, down to nearly 121 million VND/tael.

The enterprise set the price at 119.6 million VND/tael (buy) - 121.1 million VND/tael (sell), down 100,000 VND/tael (buy) and 600,000 VND/tael (sell).

For gold rings, Saigon Jewelry Company Limited listed the price of gold rings of type 1-5 only at 114.5 million VND/tael (buy) - 117 million VND/tael (sell), down 500,000 VND/tael each way compared to the end of the previous day.

Gold prices drop sharply. Photo: HT

Bao Tin Minh Chau Company Limited reduced from 116.7 million VND/tael (buy) - 119.7 million VND/tael (sell) to 116.2 million VND/tael (buy) - 119.2 million VND/tael (sell).

In the same trend, Phu Quy Gold and Gemstone Group set the price at 115.1 million VND/tael (buy) - 118.1 million VND/tael (sell), down 400,000 VND/tael each way.

Domestic gold prices fell due to the decline in world precious metal prices. In the last trading session of the week, world gold prices fell sharply to 3,338 USD/ounce in the context of a strong increase in the USD price and investors increasing profit-taking in gold.

Looking back at the domestic gold market, on the first day of the week, July 21, the price of SJC gold bars increased by VND300,000/tael each way, to VND120 million/tael (buy) - VND121.5 million/tael (sell). The next day, the price of the precious metal reached VND122 million/tael after increasing by VND500,000/tael in the selling direction and remaining the same in the buying direction, trading at VND120 million/tael (buy) - VND122 million/tael (sell).

The increase in gold prices continued on July 23, when each tael of gold increased by 700,000 VND for both buying and selling, to 120.7 million VND/tael (buy) - 122.7 million VND/tael (sell), the highest level in more than 2 months, when the world price of precious metals increased by more than 30 USD/ounce, to 3,432 USD/ounce.

After a few days of rising, on July 24, the gold price reversed, falling 1 million VND/tael each way, slipping below the 122 million VND/tael mark.

The next day, the gold price remained stable. With the above developments, the gold price at the end of the week did not change significantly compared to the same time last week.

The price of gold rings also moves in the same direction as SJC gold bars, but the increase-decrease rate is lower.

Source: https://hanoimoi.vn/cuoi-tuan-gia-vang-giam-manh-710469.html