At 7:00 p.m. on July 7, Vietnam time, the world gold price continued to drop sharply to only 3,304 USD/ounce, losing about 20 USD/ounce compared to the morning. Compared to the weekend session, each ounce of gold lost a total of nearly 40 USD/ounce (equivalent to about 1.3 million VND/tael).
Gold prices plunged in the international market amid a strong recovery of the USD. Tonight, the USD index (DXY) jumped sharply to 97.3 points, up about 0.39% compared to the previous session. According to analysts, gold prices are unlikely to increase in the short term as recent positive data on the US economy has pushed money to move into stocks. US stocks have continuously set new highs.
At the same time, information about geopolitical tensions in the Middle East or US tariff policies with other countries has eased.
SJC gold bar price is stable compared to the morning
However, in the long term, gold is still an attractive investment channel, as the demand for gold from financial institutions and central banks of countries remains high.
While the world gold price plummeted, in the domestic market, SJC gold bar prices were listed by businesses at 118.5 million VND/tael for buying and 120.5 million VND/tael for selling, stable compared to this morning.
Similarly, the price of 99.99 gold rings and jewelry gold also stabilized at around 113.9 million VND/tael for buying and 116.4 million VND/tael for selling.
Deadline for amending Decree 24, removing monopoly on gold bars
Many domestic investors expect gold prices to continue to fall as the management agency is about to change new policies on the gold market, such as removing the monopoly on SJC gold bars and considering allowing many businesses to participate in the production of gold bars.
However, gold supply is still a bottleneck in the domestic market.
World gold price falls sharply
In the latest directive in Official Dispatch No. 104/CD-TTg on enhancing the effectiveness of monetary and fiscal policy management, the Prime Minister requested the State Bank to strengthen measures to manage the gold market appropriately, promptly and effectively; and urgently submit to the Government a decree amending Decree No. 24/2012/ND-CP on the management of gold trading activities before July 15.
Currently, the world gold price converted according to the listed exchange rate at Vietcombank is about 104.9 million VND/tael, about 14.5 million VND/tael lower than SJC gold bars.
Source: https://nld.com.vn/toi-nay-7-7-gia-vang-lao-doc-khong-phanh-196250707193021612.htm
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