Ring gold is 9.75 million VND/tael lower than SJC

The price of SJC gold bars on the morning of May 8 decreased by 50,000 VND per tael. Eximbank bought at 66.5 million VND and sold at 66.9 million VND; SJC Gold and Gemstone Company bought at 66.35 million VND and sold at 67.05 million VND; Mi Hong Gold and Gemstone Company bought at 66.5 million VND and sold at 66.9 million VND... The difference between the buying and selling price of gold was 400,000 - 700,000 VND per tael. The price of SJC gold bars was higher than the world price, increasing to 9.5 million VND/tael.

Ring gold is priced 9.75 million VND/tael lower than SJC

The price of 4-9 gold rings at SJC company remained stable at 56.2 million VND for buying and 57.2 - 57.3 million VND for selling. The price of gold rings is 9.75 million VND/tael lower than SJC. At the same time, the price of gold rings is 100,000 - 200,000 VND/tael lower than the world price.

The world gold price on the morning of May 8 increased and decreased by 2-3 USD/ounce, from 2,016 USD/ounce, the precious metal went down to 2,015 USD/ounce and then quickly rose back to 2,018 USD/ounce. Analysts said that concerns about credit conditions and the debt ceiling debate will keep the gold price at a historical high in the next few months.

The gold market will not face any serious headwinds until the debt ceiling issue and banking sector turmoil are resolved, said commodities economist Edward Gardner of Capital Economics.

The last time the US debt ceiling rocked markets was in 2011, and there are some similarities between then and now. In 2011, the US hit its debt ceiling on May 16 and, after much political wrangling, passed legislation to raise it on August 1. On that day, gold prices rose 9% over the previous month, perhaps in part due to concerns about the US government’s finances. These issues could weigh on the market over the next few months, keeping gold around $2,000 an ounce.

This week, the US market will receive important information such as CPI, unemployment benefit applications, producer price index (PPI), Michigan consumer sentiment...

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