World gold prices continued to fall sharply, causing domestic gold prices to reverse on the morning of January 25 after many previous sessions of reverse increases.
At around 9am in Ho Chi Minh City, Mi Hong gold shop (Binh Thanh district) reduced both buying and selling prices by 300,000 VND compared to the previous afternoon, down to 74.8 million VND/tael for buying and 75.8 million VND/tael for selling.
At the same time in Hanoi , SJC Company also listed at 74 million VND/tael for buying and 76.52 million VND/tael for selling, down 200,000 VND for both buying and selling.
After continuously increasing in previous sessions, the price of 9999 gold this morning was also adjusted by gold trading enterprises in line with the price of SJC gold. Specifically, SJC Company listed 9999 gold rings of 1 chi, 2 chi and 5 chi at 62.7 million VND/tael for buying and 63.9 million VND/tael for selling, down 200,000 VND for both buying and selling compared to the end of yesterday afternoon. Doji Group listed at 63.2 million VND/tael for buying and 64.4 million VND/tael for selling, down 300,000 VND for buying and 250,000 VND for selling.
On the world gold market, the spot gold price on Kitco on the morning of January 25 (Vietnam time) was trading at 2,016.41 USD/ounce. This price, after being converted according to the exchange rate at Vietcombank this morning, is equivalent to 60.2 million VND/tael, 16.3 million VND/tael lower than SJC gold and about 3.7 million VND/tael lower than 9999 gold.
World gold prices continued to fall as the USD recovered after the two major economies, the US and Europe, announced positive results. Specifically, the purchasing managers' index (PMI) for manufacturing in the European region in January 2024 increased to 46.6 points, higher than the previous forecast of 44.8 points, from 44.4 points in December 2023. In particular, all three US PMI indexes in January 2023 increased sharply, showing that the US economy is recovering quite positively.
Specifically: Manufacturing PMI increased from 47.9 points in December 2023 to 50.3 points; Composite PMI increased from 50.9 to 52.3 points; Services PMI increased from 51.4 points previously to 52.9 points. The strong US economy combined with opposition from US Central Bank officials is causing some investors to reconsider their bets on the timing of the US Federal Reserve (Fed) interest rate cut. Investors have sold gold to take profits even though the previous increase was not large, putting pressure on gold prices.
Nhung Nguyen
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