On the morning of May 26, the price of gold "evaporated" 1 million VND per tael.

At 8:30 a.m., the world gold price decreased by more than 18 USD/ounce, trading at 3,340.7 USD/ounce, converted lower than the domestic gold price by over 14 million VND/tael.

Gold price decreased by 1 million VND/tael in the selling price. Photo: HT

Two Kitco News gold surveys this week showed a majority of higher forecasts for prices. Of the 16 experts surveyed, 13 said prices would rise while three said they would fall.

An online survey of 245 retailers found that 63% expected prices to increase, 21% expected prices to decrease, and the remainder predicted prices would remain stable.

In the domestic market, at the opening, businesses listed SJC gold bars at 117 million VND/tael (buy) - 120 million VND/tael (sell), down 2 million VND/tael (buy) and 1 million VND/tael (sell) compared to the end of last week.

The price of gold rings also went down. Saigon Jewelry Company Limited set it at 112 million VND/tael (buy) - 115 million VND/tael (sell), lower than last weekend by 1.5 million VND/tael (buy) and 1 million VND/tael (sell).

Phu Quy Group reduced 500,000 VND/tael each way, down to 112.5 million VND/tael (buy) - 115.5 million VND/tael (sell).

Regarding the gold market, on the afternoon of May 24, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries, branches, associations, and businesses on the gold market situation.

Concluding the meeting, the Prime Minister requested solutions to increase supply and reduce demand. Accordingly, increasing supply is not to monopolize; allowing many businesses to operate together; using fiscal measures, taxes, fees, and charges; strictly managing, controlling, strengthening inspection, checking and preventing, strictly handling gold smuggling; preventing elements from manipulating, hoarding, raising prices, and disrupting the market; amending Decree 24/2012/ND-CP in a shortened form to suit the situation; reviewing databases, building a database on the gold market, to be completed in June 2025.

In the long term, the Prime Minister assigned the State Bank, the Ministry of Finance and relevant agencies to create a favorable, healthy and attractive business environment for people to participate in business and start-ups instead of storing gold; research the formation of a gold trading floor in the direction that people are free to trade and buy and sell; separate state management and gold trading; increase the production of gold jewelry to create more jobs...

Source: https://hanoimoi.vn/sang-26-5-gia-vang-boc-hoi-1-trieu-dong-moi-luong-703489.html