Domestic gold prices have fallen sharply.

Việt Nam•14/05/2024

After a series of consecutive increases, today (May 13), the price of gold in Vietnam fell below 92 million VND per tael.

Specifically, the price of SJC gold in Hanoi , Da Nang, and Ho Chi Minh City is currently listed at 88.8 million VND/ounce for buying and 91.3 million VND/ounce for selling.

DOJI gold in Hanoi adjusted the price of gold bars down by 1.7 million VND for both buying and selling, to 86 million VND/ounce for buying and 87.5 million VND/ounce for selling, respectively.

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SJC gold prices fell in both directions.

The buying and selling prices of Bao Tin Minh Chau branded gold are 87 million VND/ounce and 89.2 million VND/ounce respectively, a decrease of 800,000 VND in the buying price and 900,000 VND in the selling price.

Phu Quy SJC is buying gold bars at 87 million VND/ounce and selling them at 89.4 million VND/ounce, a decrease of 300,000 VND in the buying price and 700,000 VND in the selling price.

On the global market, gold prices are trending upwards, with spot gold rising $3.20 from last week's closing price to $3,362.90 per ounce. Last week, the yellow metal saw modest gains as expectations of the US Federal Reserve (Fed) easing monetary policy this year increased following weak economic data.

Experts believe that next week will be a crucial time to determine whether gold will reach a new record high as the market awaits the April consumer price index and producer price index reports.

With domestic gold prices falling sharply and world gold prices listed on Kitco at $2,362.9 per ounce, the difference between domestic and world gold prices has widened to approximately 18.8 million VND per tael. In the context of soaring gold prices and the widening gap with world gold prices after the auction, experts believe that setting a reasonable bidding price will be a necessary solution.

Previously, regarding the gold market, the Government Office issued document No. 213/TB-VPCP dated May 10, 2024, announcing the conclusions of Deputy Prime Minister Le Minh Khai at a meeting on solutions for managing the gold market in the coming period. Accordingly, Deputy Prime Minister Le Minh Khai directed the immediate implementation of specialized inspections and audits of the gold market; promptly rectifying and strictly handling violations in the production and trading of gold bars; and in cases where there are signs of legal violations, immediately transferring the files to the Ministry of Public Security and other relevant agencies for handling according to regulations.

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Text and photos: NY

According to dangcongsan.vn

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