At the end of the week of May 21, the domestic gold price for SJC gold was traded by businesses at around 66.7 million VND/tael for buying and 67.25 million VND/tael for selling, down 150,000 VND per tael compared to yesterday. The price of SJC gold also had a difference between businesses, when some other businesses adjusted the price down more strongly to 67.15 million VND/tael (selling price).
Compared to last weekend, SJC gold price did not change much, fluctuating within a narrow range of around 67.2 million VND/tael.
Meanwhile, the price of jewelry gold and 24K gold rings of all kinds increased and decreased more sharply following the world gold price. Currently, the price of gold rings is traded around 56 million VND/tael for buying, 57.2 million VND/tael for selling, stable compared to yesterday but down 300,000 VND/tael compared to the end of last week.
Gold price today in the domestic market continues to be higher than world gold price
During the week, there was a time when the price of gold rings dropped sharply to 56.7 million VND/tael following the downward trend of world gold prices before recovering.
In the international market, the price of gold today closed the trading week at 1,977 USD/ounce, down sharply by 33 USD/ounce (equivalent to a decrease of more than 900,000 VND/tael). During the week, there was a time when the price of gold fell deeply to the 1,960 USD/ounce range before recovering and closing the trading week far below the threshold of 2,000 USD/ounce.
This is the sharpest drop in gold prices today in the past 3 months due to the impact of the strengthening USD as the US economy recovers. The USD index has surpassed the 103 mark as analysts believe that the US Federal Reserve (FED) may continue to raise interest rates at its next meeting. This factor has caused gold prices to "sink", as the results of Kitco's survey on gold price trends next week.
Gold prices today fell sharply on the international market
Specifically, in a survey on Wall Street, 15 analysts participated in the survey but only 20% of the opinions said that gold prices would increase, 53% said that gold prices would decrease and the rest predicted that gold prices would remain stable.
In an online survey on Main Street, 927 investors responded, of which 47% expected gold prices to increase, but 38% said gold prices would continue to decrease, and the remaining 15% predicted gold prices would remain flat.
Currently, the world gold price converted according to the listed exchange rate is about 56.4 million VND/tael, lower than gold rings and jewelry gold by about 800,000 VND/tael, while lower than SJC gold by 10.8 million VND/tael. The fluctuations are slower than world gold, even "stagnant" at many times, causing SJC gold to continue to widen the gap with world prices.
The central exchange rate listed by the State Bank is 23,680 VND/USD, up 40 VND/USD compared to the end of last week. The USD price at commercial banks increased by 20 VND to 23,320 VND/USD for buying and 23,660 VND/USD for selling, up 20 VND/USD compared to the end of last week.
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