Gold bar and gold ring prices both decreased

Domestic gold prices fell across the board on the morning of April 23. Photo: Pham Ngon.

On the morning of April 23, the price of domestic gold bars suddenly plummeted after a series of consecutive increases before, marking one of the deepest declines in nearly a week.

At Saigon Jewelry Company (SJC), the selling price of gold bars has decreased to 122 million VND/tael, while the buying price has decreased to 120 million VND/tael, equivalent to 2 million VND lower than the previous trading session.

Notably, just one day before, SJC had listed the selling price of gold bars at a record 124 million VND/tael, the highest peak ever. However, as soon as the world gold price turned down in the trading session last night, this morning, the domestic gold price was adjusted down accordingly.

Not only SJC but also a series of major gold brands such as Phu Nhuan Jewelry Joint Stock Company (PNJ), Phu Quy Group, DOJI Group, Bao Tin Minh Chau, Bao Tin Manh Hai... are also simultaneously lowering the trading price of gold bars to the range of 120 - 122 million/tael (buy - sell).

At Mi Hong Company (HCMC), the selling price of SJC gold bars this morning was updated at 122 million VND/tael. However, in the buying direction, Mi Hong offered a price of only 118 million VND/tael, lower than the general market price.

Not only gold bars, domestic gold ring prices were also adjusted down sharply this morning. At SJC, the price of 99.99 gold rings of 1-5 chi this morning was traded at 114 - 117 million VND/tael, down 2.5 million VND/tael compared to the previous session.

Other major brands also have similar adjustments. Currently, PNJ anchors the price of gold rings at 114.2 - 117.5 million/tael; DOJI lists it at 114.2 - 116.8 million/tael; Phu Quy trades around 114 - 117 million/tael; Bao Tin Minh Chau drops to 116 - 119 million/tael and Bao Tin Manh Hai anchors it at 116.05 - 118.95 million/tael.

The simultaneous decline in domestic gold prices this morning occurred in the context of world gold prices also experiencing a strong correction. According to updated data, international gold prices have fallen from the peak near 3,500 USD /ounce to the level 3,319 USD /ounce last night, a loss of nearly $190 /ounce, before recovering to the area $3,370 /ounce currently.

Converted at the current exchange rate, excluding taxes and fees, the world gold price is equivalent to about 106.3 million VND/tael. Thus, the difference between domestic and world gold prices is currently about 16 million VND/tael.

Source: https://baoquangninh.vn/gia-vang-mieng-vang-nhan-dong-loat-giam-3354743.html