Gold bar price lost 120 million VND/tael

Domestic gold prices continued to decline in the morning trading session on May 9. Photo: Chi Hung.

After a sharp decline yesterday afternoon, domestic gold prices continued to fall sharply in the morning trading session on May 9, causing the price of gold bars to officially lose the 120 million VND/tael mark.

Meanwhile, 9999 gold rings also decreased simultaneously at most large enterprises, causing the difference with world gold prices to reach tens of millions of VND per tael.

Specifically, Saigon Jewelry Company (SJC) this morning listed the price of gold bars at 117.5 - 119.5 million VND/tael (buy - sell), equivalent to a decrease of 1 million VND in both directions compared to the closing price of the previous session.

This is the second consecutive decrease of this item, with a total adjustment of up to 2.7 million VND/tael. Notably, the current price is also the lowest that SJC gold bars have recorded since the beginning of May.

The price of 9999 gold rings of 1-5 chi at SJC also decreased by another 500,000 VND/tael this morning, down to 113.5 - 116 million VND/tael (buy - sell). This item, which has a movement close to the world gold price, is being directly affected by the sharp decline in the international market.

The downward trend not only occurred at SJC but was also recorded simultaneously at other large enterprises such as Phu Nhuan Jewelry Joint Stock Company (PNJ), DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai... Accordingly, the selling price of gold bars at these brands all fell below the 120 million VND/tael mark, and the common buying price was around 117 million VND/tael.

Mi Hong Company (HCMC) is a rare enterprise that maintains the buying price of gold bars at 118.5 million VND/tael, but has also adjusted the selling price down by 500,000 VND, to 119.5 million VND/tael.

Not only gold bars, but also gold ring prices at major systems this morning also decreased by 200,000-600,000 VND/tael depending on the business. After adjustment, the buying price of gold rings is commonly around 114-115.5 million VND/tael, while the selling price fluctuates around 116-118.5 million VND/tael.

The decline in domestic gold prices occurred in the context of a significant weakening in world gold prices. Currently, the spot gold price on the international market has fallen to the $3,274 /ounce, down more than 30 USD compared to the previous session.

Converted at the bank exchange rate (excluding taxes and fees), the world gold price is equivalent to about 103.2 million VND/tael, which is about 16 million VND/tael lower than domestic SJC gold bars and about 15 million VND/tael lower than 9999 gold rings.

Analysts say that after a period of rapid increase in April due to expectations of an early US interest rate cut and geopolitical tensions, gold prices are now entering a short-term correction cycle due to profit-taking sentiment and conflicting information from the global financial market.

The US Federal Reserve's decision to keep interest rates unchanged at its most recent meeting, along with the unclear outlook for trade agreements between the US and China, is creating a cautious sentiment in both the gold and international stock markets.

Source: https://baoquangninh.vn/gia-vang-mieng-mat-moc-120-trieu-dong-luong-3357243.html