Gold bar purchase price decreased by 3.3 million VND/tael after one week
At the end of the trading week from May 26 to May 31, the price of SJC gold bars was listed by large enterprises at 115.7-118.2 million VND/tael (buy - sell). Before the "closing" of the week, each tael of gold decreased by 300,000 VND each way. The difference between the two buying and selling directions remained at 2.5 million VND.
At the beginning of the week, gold bars "started" at 119-121 million VND/tael (buy - sell). Thus, after a week of trading, the buying price decreased by 3.3 million VND and the selling price decreased by 2.8 million VND.
Meanwhile, the price of gold rings ended this week listed at 100.5-113.5 million VND/tael (buy - sell). Thus, the selling price of gold bars is 4.7 million VND more expensive than gold rings.
Domestic gold prices fluctuated strongly last week and tended to decrease towards the end of the week, partly due to the influence of policies and data on the domestic gold market.
On May 28, at a working session with the Central Policy and Strategy Committee on mechanisms and policies for effective management of the gold market, General Secretary To Lam requested to eliminate the monopoly on gold bars in the principle that the State still manages but can grant licenses to many qualified enterprises to participate in production.
Gold prices fluctuated strongly last week (Photo: Thanh Dong).
On May 30, the State Bank announced the inspection results of 6 major gold trading units in the market, including: Saigon Jewelry Company (SJC), DOJI Jewelry Group, Phu Nhuan Jewelry Company (PNJ), Bao Tin Minh Chau, Tien Phong Bank (TPBank) and Vietnam Export Import Bank (Eximbank).
Enterprises assessed by the State Bank comply with regulations on gold trading activities, report data, and have many more positive changes in anti-money laundering... However, these units still have violations that lead to administrative fines from management agencies, ranging from 400 million VND to several billion VND.
Violations include lack of customer identification, reporting of large transactions; violations of documents, accounting and taxes; or signs of providing misleading information about products to attract customers, unfair competition...
World gold price decreased 1.8% after one week
The world gold price also had a poor trading week, closing the week at 3,288 USD/ounce. The precious metal opened the week at 3,351 USD/ounce, then fluctuated continuously and fell deeply to 3,250 USD/ounce - the lowest level of the week, before recovering slightly. Overall, the international gold price still "evaporated" 1.8%.
Kitco's weekly survey shows that analysts and investors are taking a more cautious view on precious metals, although the optimists are in the majority.
Of the 14 Wall Street professionals surveyed, 43% said prices would rise next week, 29% said they would fall and the rest were sideways. An online survey of individual investors showed similar results, with 56% expecting prices to rise.
The main driver of buying sentiment remains economic and political uncertainty in the US. Some experts believe that if Mr. Trump’s new tax bill continues to progress, accompanied by increased budget spending, gold has a chance to rise back to its peak. Meanwhile, if the bill is rejected in the Senate, this could also boost gold buying due to concerns about a budget crisis at the end of the summer.
Analysts and investors are taking a more cautious view of precious metals (Photo: Manh Quan).
Another closely watched factor is U.S. employment data due next week, but some say the Federal Reserve’s monetary policy is currently “on hold,” so the impact of the data may not be as strong as it once was.
Adrian Day, chairman of Adrian Day Asset Management, said the factors driving gold prices have been there for a long time and are still there. He said that the gradual reduction in US dollar holdings and the increase in gold purchases by global central banks is a long-term trend and is not affected by short-term political developments.
Meanwhile, Darin Newsom, senior analyst at trading house Barchart.com, said that the chaos, uncertainty and unpredictability of the current administration continue to act as a “catalyst” for gold. He believes that gold remains the optimal hedge, especially when alternative assets like Bitcoin do not demonstrate intrinsic global value.
Michael Moor, founder of data specialist Moor Analytics, believes the gold market is in a correction phase after a long rally that began in 2018. He predicts that if gold prices break through key technical support levels, selling pressure could increase significantly.
Jim Wyckoff, senior analyst at Kitco, predicts that gold prices may continue to decline slightly next week as technical charts have weakened and the market lacks strong supporting news.
Source: https://dantri.com.vn/kinh-doanh/du-bao-bat-ngo-ve-gia-vang-sau-tuan-nhieu-bien-dong-20250601002251186.htm
Comment (0)