At 2:15 p.m., SJC listed the ring price at 77.5 – 76.8 million VND/tael (buy-sell), down 300,000 – 400,000 VND/tael (buy-sell) compared to the beginning of the morning. At the same time, Doji’s ring price was at 75.6 – 76.85 million VND/tael (buy-sell), down 200,000 – 350,000 VND/tael (buy-sell).
The difference between the buying and selling ring prices is currently ranging from 700,000 to 1.25 million VND/tael.
Thus, in less than a week, the ring price has continuously plummeted from 79.5 million VND to 76.8 million VND/tael, a decrease of up to 2.7 million VND/tael.
Ring price drops sharply. (Photo: Cong Hieu).
While the ring price dropped sharply, the gold bar price remained unchanged from the previous session and is currently listed at 77.5 – 79.5 million VND/tael (buy-sell).
The sharp drop in the ring price was due to the sharp decline in the world gold price in the last three sessions. This morning, the world gold price is listed on Kitco at 2,362 USD/ounce, down 33 USD/ounce from the beginning of the previous session.
Gold prices plunged due to profit-taking pressure from investors, and the market is awaiting data to find new momentum.
David Meger, director of investing at High Ridge Futures, said the combination of long-term liquidation and profit-taking from recent rallies has increased selling pressure in the gold market.
In addition, concerns about a decrease in global metal demand also impacted the direction of this precious metal.
Accordingly, there are growing concerns that the world’s second-largest economy is weakening as the People’s Bank of China recently unexpectedly cut its one-year lending rate by 0.2% to 2.3%, just days after cutting another important short-term rate.
The company’s experts believe that the outlook for gold remains positive, supported by physical demand, strong central bank buying, and lower inflation and volatile markets.
Especially, the biggest factor supporting the price of this precious metal in the coming time is still the solid expectation of the Fed’s rate cut.
Reuters technical analyst Wang Tao forecast that the spot gold price could break through the resistance level of 2,417 USD/ounce and soar to 2,432 USD/ounce.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
Gold Prices Surge, Exceeding 78 Million Dong per Tael
This morning (2/2), the domestic gold price continued to soar, surpassing 78 million dong per tael. In just 3 consecutive trading sessions, the domestic gold price has increased by 1.8 million dong per tael.
