Gold prices fluctuated, SJC gold increased slightly, 999.9 gold ring decreased to 76.50 million VND/tael

Domestic gold prices reversed course and surged dramatically, with SJC gold reaching 85 million VND/ounce. Gold prices plummeted, with 999.9 gold rings falling to 76.58 million VND/ounce, resulting in a 2 million VND loss for yesterday's buyers.

Gold price domestic

At noon on April 14th, SJC gold prices rose slightly after yesterday's sharp decline. Currently, SJC gold prices at Saigon Jewelry Company in Ho Chi Minh City are trading around 81.80 - 83.80 million VND/ounce, an increase of 100,000 VND/ounce for both buying and selling prices compared to yesterday. The buy-sell spread is 2 million VND/ounce.

Giá vàng diễn biến trái chiều, vàng SJC tăng nhẹ, vàng nhẫn 999.9 giảm còn 76,50 triệu đồng/lượng

Gold prices at Saigon Jewelry Company in Hanoi are around 81.80 - 83.82 million VND/ounce, an increase of 100,000 VND/ounce for both buying and selling prices compared to yesterday. The buy-sell spread is 2 million VND/ounce.

The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 81.00 - 83.10 million VND/ounce, an increase of 100,000 VND/ounce for both buying and selling prices compared to yesterday.

At Phu Quy Group, the price of SJC gold bars is currently trading around 80.90 - 83.10 million VND/ounce for buying and selling, an increase of 100,000 VND/ounce for both buying and selling compared to yesterday.

The price of SJC gold bars at Bao Tin Manh Hai Company is trading around 80.60 - 83.10 million VND/ounce, an increase of 100 million VND/ounce for the buying price and 100 million VND/ounce for the selling price compared to the previous session.

Contrary to the trend of SJC gold prices, the price of 999.9 gold rings continued its downward trend from yesterday. Specifically, the price of 999.9 (24k) gold rings, Thang Long gold bars, and plain gold rings at Bao Tin Minh Chau Company traded at 74.18 - 76.08 million VND/ounce for buying and selling, a decrease of 400,000 VND/ounce for buying and 300,000 VND/ounce for selling compared to yesterday.

999.9 (24k) Thang Long gold jewelry is trading around 73.40 - 75.70 million VND/ounce, down 400,000 VND/ounce for both buying and selling prices compared to yesterday.

Similarly, gold rings from Thang Long Gold Dragon and Kim Gia Bao, manufactured by Bao Tin Manh Hai Company, are trading around 74.18 - 76.08 million VND/ounce (buy-sell), a decrease of 400,000 VND/ounce in the buying price and 500,000 VND/ounce in the selling price compared to yesterday.

Gold prices traded at Bao Tin Manh Hai

The price of 999.9 gold is around 73.40 - 75.70 million VND/ounce, down 400,000 VND/ounce for both buying and selling compared to yesterday's session. The price of 99.9 gold is currently fluctuating around 73.30 - 75.60 million VND/ounce, down 400,000 VND/ounce for both buying and selling compared to yesterday's session.

At Phu Quy Group, Phu Quy 999.9 gold rings and Phu Quy 999.9 gold God of Wealth rings are trading around 74.70 - 76.50 million VND/ounce, down 100,000 VND/ounce for both buying and selling prices compared to yesterday.

24K 999.9 gold is currently trading around 73.90 - 75.90 million VND/ounce, down 100,000 VND/ounce for both buying and selling prices compared to yesterday.

Gold prices traded at Phu Quy Group

Last week, under the decisive direction of the Prime Minister, gold prices were expected to be "kept under control" next week. At the same time, world gold prices are predicted to continue rising sharply, so there is a high chance that the gap between the two markets will narrow to below 10 million VND/ounce.

Earlier, on the afternoon of April 12th, the State Bank of Vietnam announced that it had prepared intervention plans and was conducting inspections of gold trading activities by businesses.

World gold prices

Domestic gold prices repeatedly reached new highs before quickly plummeting, mirroring the trend in the international market. After peaking at $2,430 per ounce, the price of the precious metal internationally reversed course and fell sharply by nearly $90 per ounce, closing the week at $2,343.

Based on the exchange rate excluding taxes and fees, the difference between the price of gold bars in Vietnam and the world market is around 12.5 million VND/ounce, while the difference for gold rings is 4.5-5.5 million VND, depending on the brand and the time.

World gold price chart (Source: Kitco)

Analysts believe the market is correcting after hitting recent highs. Such significant market volatility is not uncommon, as the daily price movements of gold have been heavily influenced by macroeconomic data and interest rate policy forecasts.

Darin Newsom, Senior Market Analyst at Barchart.com, says it's no use overthinking things in the current environment. “Is gold overbought? Yes. Is the US dollar extending its long-term uptrend? Yes. Am I willing to bet on gold falling based on these two factors? No. Right now, I would follow Market Rule #1: Don't go against the trend,” says Darin Newsom.

Colin Cieszynski, Director of Market Strategy at SIA Wealth Management, said: “This week ended strongly. I am optimistic about gold prices next week.”

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