After the auction, the price of SJC gold and 999.9 gold rings both plummeted.

The price of SJC gold at businesses at noon on May 21 reversed and plummeted after the gold auction. Currently, the price of this gold brand is listed by Phu Nhuan Jewelry Company at 88.40 - 90.40 million VND/tael, down 100 thousand VND/tael for buying and down 100 thousand VND/tael for selling compared to yesterday's trading session.

The price of SJC gold bars at Phu Quy Group is traded at around 88.50 - 90.30 million VND/tael for buying and 200,000 VND/tael for selling compared to yesterday.

SJC gold price listed by Bao Tin Minh Chau Company is around 88.70 - 90.30 million VND/tael, equal to the buying price and 100 thousand VND/tael lower than yesterday.

SJC gold price listed by Bao Tin Manh Hai Company is around 88.50 - 90.40 million VND/tael, down 400 thousand VND/tael for buying and down 100 thousand VND/tael for selling compared to yesterday.

Gold price traded at Bao Tin Manh Hai

Along with the decline in SJC gold prices, the price of 999.9 gold rings also decreased with prices depending on each enterprise. Specifically, the price of 999.9 gold rings (24k), the price of Thang Long gold dragon gold bars, and plain round rings at Bao Tin Minh Chau Company; Thang Long Gold Dragon ring, Kim Gia Bao ring of Bao Tin Manh Hai Company are currently trading at 76.02 - 77.52 million VND/tael for buying - selling, down 110 thousand VND/tael for buying and down 110 thousand VND/tael for selling compared to yesterday.

The price of Phu Quy 999.9 round gold ring and Phu Quy 1 tael 999.9 of Phu Quy Group is trading around 76.10 - 77.60 million VND/tael; down 150 thousand VND/tael for buying and down 150 thousand VND/tael for selling compared to yesterday.

Gold price traded at Phu Quy Group

PNJ 999.9 Plain Ring, Kim Bao 999.9 Gold, Phuc Loc Tai 999.9 Gold of Phu Nhuan Group traded around 75.50-77.40 million VND/tael, down 200 thousand VND/tael for both buying and selling compared to yesterday.

At noon on May 21, Vietnam time, the world spot gold price stood at around 2,415 USD/ounce, up 4.2 USD/ounce compared to last night. The price of gold futures for June 2024 on the Comex New York floor was at 2,433.4 USD/ounce.

World gold converted to bank USD price is 76.98 million VND/tael, including tax and fees, about 14.02 million VND/tael lower than domestic gold price.

World gold price chart (Source: Kitco)

At the beginning of the trading session on May 20 (US time), the world gold price increased in the context of investors seeking safe havens due to increased risk aversion when Iranian President Ebrahim Raisi, the country's foreign minister and others were killed in a helicopter crash.

Meanwhile, experts believe that gold prices may continue to reach new records in the context of the US dollar and bond yields both falling. At the same time, the world's geopolitical situation has many negative fluctuations, which is also strongly supporting gold prices.

In addition, according to currency strategist Adam Button of Forexlive.com, gold is being strongly supported by recent evidence that the US economy is slowing down, which will further strengthen the possibility of easing monetary policy by the US Federal Reserve (Fed) in the future.

Forecasting gold prices in the coming time, Market Strategist Colin Cieszynski of SIA Wealth Management commented that gold breaking through the resistance level of 2,400 USD/ounce will be the premise for the precious metal to soon reach 2,500 USD/ounce, a new high in history.

Source: https://congthuong.vn/sau-phien-dau-thau-gia-vang-sjc-vang-nhan-9999-cung-lao-doc-321406.html