Gold prices have yet to break out of their year-lows.

Despite recording an increase of half a million dong this morning (May 30), the selling price of gold bars and gold rings remains around the year's lows.

Domestic gold prices edged up by half a million dong in the morning trading session on May 30. Photo: Viet Linh .

In the current trading session in the domestic market, the price of gold bars listed by Saigon Jewelry Company Limited (SJC) is 156 - 159 million VND/ounce, an increase of half a million VND compared to the closing price of the previous session.

At the same time, other major gold trading businesses such as Phu Nhuan Jewelry Joint Stock Company (PNJ), DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai, Mi Hong Company, etc., also simultaneously increased the price of gold bars to match that of SJC.

Despite a significant increase, the price of gold bars is still hovering around its year-low. In fact, during the trading session on May 28th, the price of gold bars even briefly fell to 157.5 million VND/ounce (selling price), the lowest level since the beginning of the year.

Overall, in the past week, the price of gold bars has decreased by 3 million VND per tael. Adding the 3 million VND difference between the buying and selling prices, buyers of gold bars have lost 6 million VND per tael in just the past 7 days.

In late January, gold bars surged to a historical peak of 191.3 million VND per tael. Following that, the price of gold bars experienced sharp fluctuations of up to a million VND in February and March before entering a prolonged period of sharp decline from April to the present.

Thus, compared to the historical peak that this commodity once reached, gold bars have now fallen by 32.3 million VND/ounce, corresponding to a net decrease of nearly 20%. And those who bought gold bars at the historical peak have now lost more than 35 million VND per ounce due to the difference between the buying and selling prices.

SJC gold bar prices edged up slightly.
Source: SJC.
Label		March 29	March 30th	March 31	1/4	2/4	3/4	4/4	5/4	April 6th	7/4	April 8th	April 9th	April 10th	April 11th	April 12th	April 13th	April 14th	April 15th	April 16th	April 17th	April 18th	April 19th	April 20th	April 21	April 22nd	April 23	April 24th	April 25th	April 26	April 27	April 28	April 29	April 30th	1/5	2/5	3/5	4/5	5/5	6/5	7/5	8/5	9/5	May 10th	May 11th	May 12th	May 13th	May 14th	May 15th	May 16th	May 17th	May 18th	May 19th	May 20th	May 21st	May 22nd	May 23	May 24th	May 25th	May 26th	May 27th	May 28th	May 29th	May 30th
Purchase price	million VND/ounce	169.8	170.8	171.9	173.7	170	170	171.5	171.5	170.1	169.5	171	168.5	169.7	169.4	169.4	168.5	170	170	167.7	167.5	168.5	168.5	168.3	168.1	167.5	166.7	165.5	166.3	166.3	166.3	164.5	163	163	163	163	163	163.3	162	163	164.5	164.5	164.5	164.5	162.2	162.5	162	162	161	161	161	160.5	160.8	158.5	160.5	159	158.5	158.5	159	158.5	157.7	154.5	155.5	156
Selling price		172.8	173.8	174.9	176.7	173.5	173.5	174.5	174.5	173.1	172.5	175	171.5	172.7	172.4	172.4	171.5	173.5	173.5	171.2	171	172	172	171.3	170.6	170	169.2	168	168.8	168.8	168.8	167.5	166	166	166	166	166	166.3	165	166	167.5	167.5	167.5	167.5	165.2	165.5	165	165	164	164	164	163.5	163.8	161.5	163.5	162	161.5	161.5	162	161.5	160.7	157.5	158.5	159

For gold rings, the price was also adjusted upwards by half a million dong by businesses in this morning's trading session. After the adjustment, Phu Quy, PNJ, DOJI, Bao Tin Minh Chau, and Bao Tin Manh Hai are all pegging the price of gold rings at 156 - 159 million dong/ounce (buy - sell). This selling price is equivalent to the current trading price of SJC gold bars.

Mi Hong Company, in particular, has a different listed price for 999 gold rings compared to the market average, trading gold rings with customers at 156.2 - 158 million VND/ounce.

Since the beginning of the year, the price of gold rings has fluctuated in the same direction as gold bars. This commodity once reached a historical peak in 2016 at over 191 million VND/ounce. Thus, in just the past few months, those who bought at the peak of this commodity have now lost more than 35 million VND/ounce.

Globally , spot gold closed this week's trading at $4,538 per ounce. Converted to Vietnamese currency (excluding taxes and fees), the world gold price is approximately 144.4 million VND per tael, nearly 15 million VND per tael lower than the domestic gold price.

Source: https://znews.vn/gia-vang-chua-thoat-noi-vung-day-cua-nam-post1655477.html