The price of SJC gold bars on the morning of May 29 decreased slightly by 50,000 VND per tael. Eximbank bought at 66.4 million VND and sold at 66.8 million VND; Saigon Jewelry Company - SJC bought at 66.4 million VND and sold at 67 million VND; Mi Hong Jewelry Company bought at 66.5 million VND and sold at 66.95 million VND...
The price of SJC gold bars decreased slower than the world price, leading to an increase in the difference to 11.7 million VND/tael, instead of 9.3 million VND/tael 2 weeks ago. The price of gold rings was 1.4 million VND/tael higher than the world price , SJC bought 55.6 million VND and sold 56.65 million VND.
SJC gold bar price is 11.7 million VND/tael higher than world price
International precious metals fluctuated erratically at the beginning of the week, from 1,942 USD/ounce, gold prices skyrocketed to 1,948.5 USD/ounce and then quickly dropped back to the opening price of the day. Gold has had its third consecutive week of decline with more than 125 USD/ounce. Recent investors' sell-off has caused gold to continuously decline. However, compared to the beginning of the year, the current gold price is still 6% higher.
The United States has reached a deal between President Joe Biden and House Speaker Kevin McCarthy to raise the federal government's $31.4 trillion debt ceiling, ending a months-long impasse. The deal would raise the debt limit for two years, while also limiting spending during that time and including some requirements for additional work on programs for the poor. The long-running debt-ceiling impasse has spooked financial markets, weighing on stocks and forcing the United States to pay record high interest rates on some bond sales. Economists say a default would be much more damaging, potentially plunging the country into recession, shaking the global economy and leading to a spike in unemployment.
The news that the US debt ceiling has made positive steps before the June 1 deadline has caused gold to fall rapidly. Mr. Bart Melek - Head of Global Commodity Strategy at TD Securities predicted that this week, if the gold price breaks the support level of 1,940 USD/ounce, it will fall to 1,900 - 1,915 USD/ounce.
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