Gold price on April 23: SJC gold bars and gold rings dropped sharply by millions of dong

(Photo: NGOC NINH)

This morning, the domestic gold price dropped "shockingly" on the day the State Bank planned to auction gold bars to increase supply to the market. At the same time, the domestic gold price was also strongly affected by the "vertical fall" of world prices. Enterprises quoted the purchase price of SJC gold bars at less than 80 million VND/tael.

At 10:30 a.m. on April 23, DOJI gold prices in Hanoi and Ho Chi Minh City were listed at VND79.6 million/tael for buying and VND82.1 million/tael for selling, down VND1.4 million and VND1.35 million/tael, respectively. The difference between buying and selling was VND2.5 million/tael.

The listed SJC gold price for buying and selling is 79.8-82.3 million VND/tael, down 1.2 million VND compared to the previous session. The difference between buying and selling is 2.5 million VND/tael.

Domestic gold bar prices are currently about 11 million VND/tael higher than world prices.

The price of SJC 9999 gold rings decreased by 800,000 VND compared to the previous session, buying at 72.9 million VND/tael, selling at 74.7 million VND/tael.

PNJ gold bought at 73 million VND/tael and sold at 74.7 million VND/tael, down 1.5 million VND compared to the previous session.

As of 10:00 a.m. on April 23 (Vietnam time), the world gold price decreased by 84.24 USD compared to the previous session to 2,302.5 USD/ounce.

Commodity analysts have warned that gold’s record-breaking run above $2,400 has left the market overbought. However, with solid fundamentals (continued central bank purchases, Asian investors still choosing gold as a portfolio diversifier, and rising geopolitical risks), experts say any market correction could be viewed as a buying opportunity.

Some analysts warned that gold prices still have further to fall as focus returns to US monetary policy and expectations that the US Federal Reserve (FED) will maintain its aggressive monetary policy for longer than expected.

According to CME Group's FedWatch interest rate tracking tool, the market sees a 16% chance that the Fed will cut interest rates in June and less than 50% chance in July.

Nicky Shiels, Director of Metals Strategy at MKS PAMP, said that while the precious metal has room to fall in the near term, she maintains her target price of $2,500 an ounce.

This morning, the USD-Index increased slightly to 106.1 points; the yield on 10-year US Treasury bonds was at 4.610%; US stocks recovered after 6 consecutive sessions of decline; oil prices increased slightly again, trading around 87.38 USD/barrel for Brent oil and 82.24 USD/barrel for WTI oil.

Source: https://baotuyenquang.com.vn/gia-vang-ngay-23-4-vang-mieng-vang-nhan-sjc-giam-manh-ca-trieu-dong-191041.html