Gold prices fell sharply this afternoon.

At the close of trading this afternoon, the price of SJC gold bars fell to 157.5 million VND/ounce for the selling price, the lowest in the past four months.

The price of SJC gold bars has fallen to 157.5 million VND/ounce for the selling price (illustrative image).

At 5 PM, Saigon Jewelry Company Limited (SJC) listed the price of gold bars at 154.5 - 157.5 million VND/ounce (buying price - selling price), a decrease of 3.2 million VND/ounce compared to the closing price on May 27th. Similarly, major brands in Hanoi such as Bao Tin Minh Chau, DOJI , Phu Quy... also listed the price of SJC gold bars and 9999 pure gold rings at this level.

At the same time, world gold prices were trading around $4,390 per ounce, down about $50 in the past 24 hours. Converted using the Vietcombank exchange rate, each ounce of world gold is currently worth approximately 139.8 million VND. Thus, domestic gold prices remain about 17.7 million VND per ounce higher than world gold prices.

Global gold prices fell sharply on May 28th as tensions in the Middle East continued to escalate and oil prices surged. Investors fear that rising oil prices will drive up global inflation, forcing the US Federal Reserve (Fed) to maintain its tight monetary policy for longer than expected. When US interest rates remain high, the US dollar typically strengthens, putting downward pressure on gold prices.

In the short term, analysts believe that gold prices will continue to fluctuate sharply as the market is simultaneously affected by geopolitical factors, oil prices, the Fed's interest rate policy, and gold import controls in Asia.

BH (general)

Source: https://baohaiphong.vn/gia-vang-giam-manh-trong-chieu-nay-544041.html