Illustration photo. Photo: Internet
Domestic gold fell sharply
In the domestic market, gold bar prices have recorded a sharp decline. Currently, major gold brands list the buying price at 117.5 million VND/tael and the selling price at 119.5 million VND/tael. Phu Quy SJC alone has a buying price 500,000 VND/tael lower than other brands.
In the same direction, gold rings of other brands also plummeted. Specifically, SJC 9999 gold rings decreased by 1.5 million VND in both directions, trading at 112.5 million VND/tael for buying and 115 million VND/tael for selling.
In Hanoi and Ho Chi Minh City markets, DOJI adjusted the price of gold rings down to 112.5 million VND/tael for buying and 115 million VND/tael for selling, down 1.5 million VND each way.
Bao Tin Minh Chau also updated the price of plain round gold rings at 115.7 million VND/tael for buying and 118.5 million VND/tael for selling, down 1.3 million VND and 1.5 million VND respectively in both directions.
PNJ listed the price of gold rings at 112.5 million VND/tael for buying and 115.5 million VND/tael for selling, a sharp decrease of 2 million VND in both buying and selling prices.
Phu Quy SJC is buying gold rings at 114 million VND/tael and selling at 117 million VND/tael, down 1.5 million VND each way compared to before.
World gold price
According to data from Kitco, the world gold price at 5:00 a.m. this morning (Vietnam time) was recorded at 3,328.4 USD/ounce. Compared to the previous session, the world gold price increased by 1.29%. When converted according to the USD exchange rate on the free market (26,419 VND/USD), the world gold price is currently equivalent to about 106 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is currently about 13 million VND/tael higher than international gold.
World gold prices reversed to increase slightly in the first trading session of the week, when buying power recovered after the decline in the early session, in the context of the recovery of the USD and expectations that US-China trade tensions will ease, causing demand for gold as a safe haven to decrease slightly.
TD Securities commodity strategist Daniel Ghali said there were signs that selling pressure was drying up, stressing that “the downside risk to gold is extremely low.” He also said that because large investment funds and Western investors have not participated in a large scale, the market lacks selling pressure, which is reflected in the continued rise in gold prices.
Gold, considered a safe haven amid political and financial turmoil, surged to a record high of $3,500.05 an ounce last week on trade concerns, central bank demand and steady investment.
Gold prices could continue to rise further if trade deals fail to make substantial progress, according to City Index and FOREX.com analyst Fawad Razaqzada.
According to a Reuters survey, most economists believe that the risk of the global economy falling into recession in 2025 is very high.
In addition to waiting for clearer signals on the trade war, investors this week will also focus on a series of US economic data for clues on the direction of the US Central Bank's interest rates. Data of interest to the market includes the US employment report, personal consumption expenditure and non-farm payrolls.
UBS expert Giovanni Staunovo predicts that, with the possibility of the Fed maintaining its plan to cut interest rates later this year, gold prices may retest the $3,500/ounce threshold.
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-29-4-sjc-giam-manh-1-5-trieu-dong-luong-vang-the-gioi-bat-tang/20250429071559130
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