Domestic gold price is 18 million VND more expensive than world price

On the morning of May 12, Saigon Jewelry Company (SJC) listed   gold price   pieces at 119 - 121 million VND per tael, down 1 million VND compared to last weekend. Vietinbank, Bao Tin Minh Chau and PNJ also sell at the same price as SJC. The difference between buying and selling is 2 million VND per tael.

Businesses also reduced the price of plain rings by VND1 million compared to gold bars. SJC and PNJ listed plain rings at VND113.5 - 116 million per tael. Meanwhile, Bao Tin Minh Chau sold the item at a higher price, at VND116 - 119 million per tael.

Domestic gold prices fell as the price of this precious metal in the international market also went down. In this morning's session, the world gold price was at 3,272 USD per ounce, down 1.5% compared to yesterday.

Converted according to Vietcombank's selling rate, the world gold price is equivalent to nearly 103 million VND per tael. The difference between domestic and world prices is 18 million VND per tael, higher than the 16-17 million VND of last week.

Wall Street analysts are divided on the direction of gold this week, according to Kitco’s latest gold survey. The 15 experts surveyed were evenly split between three forecasts: up, down, and sideways.

James Stanley, market strategist at Forex, said that gold still has room to rise. "The resistance level of $3,500 is a barrier, but the bulls have held important levels such as $3,200 and $3,300 in recent weeks," he pointed out.

On the other hand, Alex Kuptsikevich, senior market analyst at FxPro, believes prices will fall, noting that the past few weeks have been unfavorable for gold. According to him, the $3,500 per ounce level on the spot market, along with a brief surge above that level in some futures contracts on April 22, triggered a wave of selling.

"The mixed performance last week - up and then down - after a sharp profit-taking from the top similar to what happened in April last year. This suggests that seasonal factors may be repeating," he said.

Source: https://baoquangninh.vn/gia-vang-trong-nuoc-dat-hon-the-gioi-18-trieu-dong-3357632.html