Gold Prices Reverse Losses
In contrast to the sharp decline in the morning session, gold prices at Vietnamese gold businesses have rebounded as of 3 PM today.
At Saigon Jewelry Company, the listed price for SJC gold is VND 80.7-83 million per tael, an increase of VND 900,000 in the buy price and VND 700,000 in the sell price compared to this morning.
Mi Hong Gold also increased by VND 600,000 per tael compared to the early morning session, now listed at VND 81.4 -82.6 million per tael.
DOJI listed the price of SJC gold at VND 79.7-82.2 million per tael, an increase of VND 100,000 per tael compared to this morning.
The price of SJC gold at VietinBank Gold is currently at VND 80-82.52 million per tael. Bao Tin Minh Chau has also listed the price of SJC gold at VND 80.85-82.8 million per tael.
Globally, gold prices fluctuated around USD 2307.5 per ounce, a significant decline compared to the opening price, with a drop of USD 19. This equates to a global gold price of VND 70.8 million per tael, which is VND 12.2 million lower than the domestic gold price.
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At 9:15 AM today, April 23, several businesses significantly reduced the prices of plain round gold rings.
Specifically, at Bao Tin Minh Chau, the price of gold rings was listed at VND 74.52-76.22 million per tael, a decrease of VND 740,000 per tael for both the buy and sell prices compared to the same time yesterday morning. Hung Thinh Vuong 9999 round rings at DOJI were listed at VND 74.1-75.8 million per tael, a decrease of VND 550,000 in the buy price and over VND 700,000 in the sell price.
Phu Nhuan Jewelry Company (PNJ) listed the price of plain round rings at VND 73.5-75.3 million per tael, a decrease of VND 1.3 million per tael for both the buy and sell prices. The price of plain round gold rings at Saigon Jewelry Company is currently listed at VND 72.9-74.7 million per tael, a decrease of approximately VND 1.5 million per tael.
Meanwhile, the price of SJC gold at gold businesses has also been adjusted downwards compared to yesterday afternoon, with an average decrease of VND 1 million-1.4 million per tael.
Specifically, Saigon Jewelry Company drastically reduced the price of SJC gold by VND 1.2 million per tael, down to VND 79.8 – 82.3 million per tael.
DOJI also adjusted the price of SJC gold to VND 79.6-82.1 million per tael, a decrease of approximately VND 1.4 million per tael.
PNJ listed the price of SJC gold at VND 80.7-82.9 million per tael. Compared to yesterday afternoon, the price of SJC gold has decreased by up to VND 1 million per tael.
The price of SJC gold at Mi Hong Gold also decreased to VND 80.8-82.2 million per tael, a decrease of VND 1.1 million per tael compared to yesterday afternoon.
Bao Tin Minh Chau, however, slightly increased the buy price of SJC gold by VND 500,000 per tael and the sell price by VND 50,000, now standing at VND 81.5-83.4 million per tael.
The price of SJC gold over the past week. Chart: CAFEF.
At 10 AM this morning, the State Bank of Vietnam will hold an auction for 16,800 taels of gold bars. This is SJC gold that the State Bank of Vietnam has organized to produce. The gold will be auctioned in lots of 100 taels each.
The reference volume for calculating the deposit value is the expected bid volume of each member. The minimum bid volume that a member is allowed to bid is 14 lots (equivalent to 1,400 taels) and the maximum is 20 lots (equivalent to 2,000 taels).
The auction was originally scheduled for yesterday, April 22. However, before the auction, the State Bank of Vietnam issued a notice canceling the auction due to the lack of sufficient members registering for the auction and depositing funds as prescribed by the State Bank of Vietnam.
In the world market, spot gold prices are currently around USD 2,311 per ounce, a sharp decrease of USD 15 per ounce compared to the closing price of the previous day. Converted into Vietnamese currency, the world gold price equates to VND 71 million per tael, a difference of approximately VND 11.3 million per tael compared to the Vietnamese gold price.
