Gold falls below 83 million VND, USD continues to increase in price

Gold prices fell sharply on the gold auction day. Illustrative photo, Photo: Huong Thuy

At nearly 9:00 a.m., Saigon Jewelry Company listed the price of SJC gold bars at VND80.3 million/tael (buy) - VND82.8 million/tael (sell), down VND1.5 million/tael (buy) and VND1 million/tael (sell) compared to the end of last week.

80.3 million VND/tael (buy) - 82.8 million VND/tael (sell) is also the price listed by Saigon Jewelry Company Limited, 1.7 million VND/tael (buy) and 1.2 million VND/tael (sell) lower than last weekend.

Bao Tin Minh Chau Company Limited set the price at 80.35 million VND/tael (buy) - 82.75 million VND/tael (sell) compared to 81.65 million VND/tael (buy) - 83.7 million VND/tael (sell) last weekend.

Domestic gold prices fell sharply because this morning the international gold price dropped by nearly 14 USD/ounce, trading at 2,378.4 USD/ounce, converted to about 9.6 million VND/tael lower than the domestic price.

In addition, this morning the State Bank plans to hold a gold bar auction with the aim of reducing the gap between domestic and world gold prices. This is the first gold bar auction in 11 years.

The total volume of gold bars auctioned today is 16,800 taels. The volume of gold bars in a transaction lot is 100 taels/lot. The type of gold bars sold is SJC gold bars.

Two Kitco surveys of gold prices this week showed a majority of bullish forecasts. According to the survey of 14 experts, 10 predicted higher prices, while 3 saw flat prices and 1 predicted lower prices.

Meanwhile, an online survey with the participation of 149 investors showed that 95% thought the price would increase, 19% thought the price would decrease, and the rest thought the price would go sideways.

In the foreign exchange market, the central exchange rate of VND to USD, applied for April 22, is 1 USD = 24,272 VND, an increase of 12 VND compared to the end of last week.

Vietcombank listed the USD price at 25,145 VND (buy) -25,485 VND (sell), up 12 VND each way compared to the end of last week.

BIDV increased by 17 VND per USD, to 25,185 VND (buy) -25,485 VND (sell).

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