Why is the domestic gold price unusually high?

(NLDO) – World gold prices have fluctuated strongly in recent days, but domestic gold prices have remained stable at a high level.

On the morning of June 25, SJC gold bar prices were listed by businesses at 117.5 million VND/tael for buying and 119.5 million VND/tael for selling, stable compared to the end of yesterday.

Similarly, the price of 99.99% gold rings and jewelry gold also remained stable at VND113.5 million/tael for buying and VND116 million/tael for selling.

Over the past week, domestic gold prices have remained almost unchanged, despite sharp fluctuations in world prices.

Specifically, last night, there was a time when the gold price broke the $3,300/ounce mark. However, bottom-fishing demand at low prices helped the precious metal recover.

SJC gold bar price fluctuates within a narrow range in recent days

At around 9am today, Vietnam time, the world gold price was at 3,333 USD/ounce, still about 14 USD/ounce lower than yesterday morning.

If calculated over the past week, the gold price has decreased by about 70 USD/ounce (equivalent to about 2.2 million VND/tael).

Despite strong fluctuations, gold prices are still in a sideways trend and have not been able to break out in the past 2 months.

With the latest developments in the international market, especially the news of a ceasefire agreement between Iran and Israel, tensions in the Middle East have cooled down, causing gold prices to fall.

Currently, the world gold price converted according to the listed exchange rate is about 105.6 million VND/tael, 11 million VND/tael lower than gold rings and nearly 14 million VND/tael lower than SJC gold bars.

The gap between domestic and world gold prices has widened in recent days, as domestic gold prices remain unchanged while world prices plummet.

Therefore, many domestic investors are waiting for the price of SJC gold bars and gold rings to adjust down in line with the world price, narrowing the gap as required by the management agency. At that time, the price of SJC gold bars and gold rings will be lower than the current levels.

Source: https://nld.com.vn/vi-sao-gia-vang-trong-nuoc-neo-cao-bat-thuong-196250625090253225.htm