Gold bar and jewelry prices softened on Sunday, June 8, with businesses listing the price at around 114.9 million VND per tael for buyers and 117.2 million VND per tael for sellers, a decrease of 1 million VND per tael compared to the previous week.
Following the gold bar, the price of 99.99% gold rings and jewelry was traded at around 111.2 million VND per tael for buyers and 113.5 million VND per tael for sellers, also recording a similar decrease of 1 million VND per tael. Over the past two weeks, the price of gold bars and rings has dropped by 3.5 to 3.8 million VND per tael.
Gold bar prices continued to drop this week
The decline in domestic gold prices occurred amidst the market being influenced by numerous directives related to gold bar and gold ring management policies. Gold prices plummeted before stabilizing, while investors awaited concrete solutions from the State Bank, including amendments to the gold management decree, granting licenses for gold material imports for gold bar production, and measures to eliminate the monopoly on SJC gold bars.
In the global market, gold prices ended the week at $3,311 per ounce, a further decrease of approximately $20 per ounce from the previous week. Over the past two weeks, this precious metal has lost about $90 per ounce, equivalent to roughly 2.8 million VND per tael when converted at the current exchange rate. Thus, the domestic gold bar price has remained low for two consecutive weeks.
Today’s gold price remains low for SJC gold bars over the past two weeks
Nevertheless, both analysts and experts hold a positive outlook on the potential recovery of gold prices.
According to a gold price trend survey conducted by Kitco, out of 14 experts polled on Wall Street, 50% predicted that gold prices would continue to rise, 43% forecasted a decline, and 7% believed prices would remain stable.
The online survey on Main Street, involving 256 individual investors, revealed that 66% anticipated an increase in gold prices going forward, while 15% expected a decrease, and 19% thought prices would remain unchanged.
At present, when converted at the listed exchange rate, the world gold price is equivalent to approximately 104.7 million VND per tael.
The Golden Comeback: When SJC Gold Bars Made a Surprising U-Turn on May 15th Evening.
The global gold price surged once again towards the end of the day, while SJC gold bars and rings witnessed a downward trend.
The Golden Opportunity: Unveiling the Latest SJC Gold Prices and Beyond
As of November 27, domestic gold prices continued to recover, surging by approximately 200,000 to 400,000 VND per tael compared to the morning session, outshining its peers in the market.
Gold Prices Slip: Where to Sell Your Gold for the Best Price?
The gold market is abuzz as the buying price of SJC gold bars has surged past 83 million VND per tael, while gold bullion and 99.99% purity gold rings have stabilized after a downward trend.
The Gold Rush: Navigating the Volatile Market and the Sudden Drop in Gold Prices
The global gold price dipped by almost $20 per ounce, retreating to the $2,550 per ounce mark and dragging down the price of SJC gold bars in Vietnam.
The Great Gold Crash
This morning (November 10th), the domestic gold market witnessed an unprecedented end to a week-long downward spiral. SJC gold and gold rings rebounded to the 85 million VND per tael mark.
