On the morning of May 15th, Saigon Jewelry Company (SJC) and many other gold businesses listed the buying price of SJC gold bars at 161 million VND/ounce and the selling price at 164 million VND/ounce, a further decrease of 1 million VND per ounce compared to yesterday.
Similarly, the price of plain gold rings and 99.99% pure gold jewelry also decreased to 160.8 million VND/ounce for buying and 163.8 million VND/ounce for selling.
Other brands of plain gold rings, such as Bao Tin Minh Chau, PNJ, and DOJI, sell at the same price as SJC gold bars.
After a series of consecutive declines, domestic gold prices are retreating to their lowest level in months.
Domestic gold prices fell as global gold prices were subject to profit-taking and failed to hold above the $4,700/ounce mark. By 9:30 AM Vietnam time, gold prices continued to plummet to $4,611/ounce, losing approximately $50/ounce more than at the beginning of the morning session. In just one day, gold prices dropped sharply by nearly a hundred dollars/ounce.
Gold prices today hit a 4-month low.
The sharp fluctuations in gold prices stem from the rise in US bond yields and the recovery of the US dollar, which have outweighed the safe-haven demand related to geopolitical tensions in the Middle East.
In its latest precious metals outlook report, London-based Sucden Financial stated that high US bond yields and a strong US dollar remain key obstacles to gold prices. However, the precious metal is still supported by geopolitical tensions and stable physical gold demand.
Sucden Financial notes that gold has struggled to function as a traditional safe-haven asset despite escalating geopolitical tensions, particularly in the Middle East. Instead of driving investors toward gold, recent conflicts have pushed oil prices higher, increased inflation expectations, and raised US Treasury yields – putting downward pressure on gold.
This company predicts that gold prices are likely to remain within a narrow range in the short term, with support around $4,500 per ounce. A rise to $4,800 per ounce could depend on weaker economic data or clearer signals of monetary policy easing from the US Federal Reserve (FED).
Source: https://nld.com.vn/gia-vang-mieng-sjc-vang-nhan-thung-day-4-thang-196260515094436382.htm
Comment (0)