At the end of the trading session on May 12, Doji Gold and Gemstone Group listed the price of SJC gold bars at 86-87.5 million VND/tael (buy-sell), down 1.7 million VND/tael compared to the previous session.
Buying and selling gold at Bao Tin Manh Hai Gold Company. (Photo: Tran Viet/VNA)
After a hot week when the gold price reached 92 million VND/tael, the gold price suddenly reversed and cooled down, falling sharply on the weekend.
At the end of today's trading session, May 12, Doji Gold and Gemstone Group listed the price of SJC gold bars at 86-87.5 million VND/tael (buy-sell), down 1.7 million VND/tael in both buying and selling compared to the previous closing session.
The price of gold rings is at 75.95-77.45 million VND/tael (buy-sell), unchanged in both buying and selling directions compared to the previous session.
Bao Tin Minh Chau Gold and Silver Company listed the price of SJC gold bars at 87-89.2 million VND/tael (buy-sell), down 800,000 VND/tael for buying and down 900,000 VND/tael for selling compared to the previous closing price.
The price of gold rings is at 75.43-76.93 million VND/tael (buy-sell), unchanged in both buying and selling directions compared to the previous session's close.
Meanwhile, Saigon Jewelry Company listed the buying and selling price of SJC gold at 88.8-91.3 million VND/tael, unchanged in both buying and selling compared to the previous session.
The company's gold ring price is listed at 74.85-76.55 million VND/tael (buy-sell), unchanged in both buying and selling directions compared to the previous session's close.
Analyzing the cause, Mr. Vi Tuan, Giavang.net expert said that the market's reaction was after the Government Office issued a document announcing the conclusion of Deputy Prime Minister Le Minh Khai at the meeting on market management solutions in the coming time.
Gold jewelry on display at Bao Tin Manh Hai Gold Company. (Photo: Tran Viet/VNA)
Deputy Prime Minister Le Minh Khai directed to urgently carry out specialized inspections and examinations of the gold market; promptly rectify and strictly handle violations in the production and trading of gold bars; in case of signs of law violations, promptly transfer the dossier to the Ministry of Public Security and relevant agencies for handling according to regulations.
The conclusion announcement stated: The State Bank of Vietnam, in accordance with its functions, tasks and authority, has implemented solutions to manage the gold market, however, the situation has not changed much, the domestic gold bar price continues to increase, and the high difference between the domestic gold bar price and the world gold price has not been overcome.
According to Mr. Tuan, in the short term, the gold market may temporarily calm down during this sensitive period. However, domestic gold prices cannot avoid the impact of the international market, the world gold price is returning to an upward trend thanks to the USD and the simultaneous decrease in US Treasury bond yields.
Currently, the Dollar Index, a tool measuring the strength of the USD, has decreased by 0.3% and is currently at 105.2 points.
Commenting on the international gold market, Expert David Meger, Gold Trading Director of High Ridge Futures, said that although there are many factors at play, it can be concluded that the factor strongly influencing the current gold price is the expectation of the Fed cutting interest rates.
New signs suggest the Fed's future through rate cuts is not far off.
Predicting the domestic gold market's developments next week, Mr. Vi Tuan said that basically, there will probably not be a repeat of the situation where people rush to buy gold.
Trading floors may also be more stable before the information about gold market inspection and efforts to cool down the market by the Government and functional agencies./.
According to VNA
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