| Domestic gold prices have cooled down, with 999.9 gold rings falling below 78 million VND/ounce. Domestic gold prices reversed course and surged, with SJC gold reaching 85 million VND/ounce. |
Gold price domestic
Around noon on April 13th, domestic gold prices reversed course and plummeted, causing yesterday's buyers to lose nearly 2 million VND. Currently, SJC gold at Saigon Jewelry Company in Ho Chi Minh City is trading around 81.80 - 83.80 million VND/ounce, down 100,000 VND/ounce for both buying and selling compared to yesterday. The buy-sell spread is 2 million VND/ounce.
 |
Gold prices at Saigon Jewelry Company in Hanoi are around 81.80 - 83.82 million VND/ounce, down 100,000 VND/ounce for both buying and selling 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 80.80 - 82.90 million VND/ounce, down 1.2 million VND/ounce for buying and down 2.1 million VND/ounce for selling compared to yesterday.
At Phu Quy Group, the price of SJC gold bars is currently trading around 80.80 - 83.00 million VND/ounce for buying and selling, a decrease of 1.2 million VND/ounce for buying and 2 million VND/ounce for 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, down 1.4 million VND/ounce for buying and down 1.9 million VND/ounce for selling compared to the previous session.
 |
Following the movement of SJC gold prices, the price of 999.9 gold rings today saw a shocking drop of nearly 2 million VND. 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 73.48 - 76.58 million VND/ounce for buying and selling, a decrease of 1.4 million VND/ounce in both buying and selling prices compared to yesterday.
999.9 (24k) Thang Long gold jewelry is trading around 73.80 - 76.10 million VND/ounce, down 700,000 VND/ounce for buying and down 600,000 VND/ounce for selling compared to yesterday.
 |
| Gold prices traded at Bao Tin Manh Hai |
Similarly, Thang Long Gold Dragon and Kim Gia Bao gold rings are trading at Bao Tin Manh Hai Company around 74.48 - 76.58 million VND/ounce for buying and selling, a decrease of 1.4 million VND/ounce for buying and 1.3 million VND/ounce for selling compared to yesterday.
The price of 999.9 gold is around 73.80 - 76.10 million VND/ounce, down 1.4 million VND/ounce for both buying and selling compared to yesterday's session. The price of 99.9 gold is currently fluctuating around 73.70 - 76.00 million VND/ounce, down 1.4 million VND/ounce for both buying and selling compared to yesterday's session.
 |
| Gold prices traded at Phu Quy Group |
At Phu Quy Group, Phu Quy 999.9 gold rings and Phu Quy 999.9 gold God of Wealth rings are trading around 74.60 - 76.50 million VND/ounce, down 1.8 million VND/ounce for buying and down 1.7 million VND/ounce for selling compared to yesterday.
24K 999.9 gold is currently trading around 74.00 - 76.00 million VND/ounce, down 1.4 million VND/ounce for buying and 1.6 million VND/ounce for selling compared to yesterday.
World gold prices
Early this morning, world gold prices reversed course and fell, with spot gold dropping $27.5 to $2,343.9 per ounce. Gold futures last traded at $2,360.1 per ounce, down $30.5 from early yesterday morning.
 |
| World gold price chart (Source: Kitco) |
The world gold price is equivalent to nearly 71.2 million VND/ounce if converted using the Vietcombank exchange rate, excluding taxes and fees. The difference between domestic and world gold prices is approximately 13 million VND/ounce.
According to a report from the U.S. Department of Labor, the Producer Price Index (PPI) rose 0.2% from the previous month in March 2024, lower than the 0.3% increase economists had predicted.
Investors are beginning to accept the possibility that inflation may persist longer and that the US Federal Reserve (Fed) will continue to be patient, not reversing its monetary policy.
Economic data suggests that achieving the 2% inflation target may be too difficult for the Fed. Traders are betting that the Fed could begin cutting interest rates as early as its meeting at the end of July 2024.
An increasing number of analysts are optimistic that gold prices could reach $3,000 per ounce this year. Shaokai Fan, Regional Director for Asia Pacific (excluding China) and Global Central Banking Director at the World Gold Council, believes that strong buying demand from central banks is one of the main reasons for this trend.
According to statistics from the World Gold Council, central banks around the world have been net buyers of gold for 14 consecutive years (net purchases since 2009, following the global economic crisis). Geopolitical instability and expectations of a US Federal Reserve (Fed) interest rate cut this year have further fueled this demand.
Source
Comment (0)