Gold prices continue to fall, is precious metal no longer attractive?

(NLDO) – The sharp drop in world gold prices at the weekend pushed the prices of SJC gold bars and 99.99 gold rings down.

On the morning of June 28th, the price of SJC gold bars was listed by gold companies such as SJC, PNJ, DOJI , and Bao Tin Minh Chau at 117.2 million VND/ounce for buying and 119.2 million VND/ounce for selling, a decrease of 500,000 VND per ounce compared to the end of yesterday.

Similarly, the price of gold rings also decreased by 400,000 VND per tael, to 113.2 million VND/tael for buying and 115.8 million VND/tael for selling.

Domestic gold prices fell for the second consecutive day, following the downward trend of global prices. On the international market this morning, Vietnam time, the price of gold was $3,274 per ounce, down approximately $40 from the previous day and reaching its lowest level in the past month.

SJC gold bar prices have fallen for two consecutive days.

The price of precious metals also officially lost the key mark of $3,300 per ounce. According to analysts, the strong recovery in US stocks has made gold less attractive, especially in the context of the easing tensions in the Middle East.

Money is flowing into higher-risk assets like stocks, causing not only gold but also the USD index to remain low around 97.2 points.

Analysts believe that geopolitical risks – which were once the main driver of rising gold prices – have now eased. Therefore, gold prices are unlikely to surge in the near future.

Currently, the world gold price, converted according to the listed exchange rate, is approximately 103.7 million VND per tael, which is 11 to 15 million VND lower per tael than the price of SJC gold rings and gold bars.

Source: https://nld.com.vn/vang-lien-tuc-giam-gia-kim-loai-quy-da-het-hap-dan-19625062809012128.htm