Domestic gold prices continue to go down

At 10 am this morning, Saigon Jewelry Company listed the price of SJC gold at 68.15 million VND/tael (buy in) and 68.85 million VND/tael (sold out), down 250,000 VND/tael (buy in). in) and 270,000 VND/tael (sold out).

DOJI Group listed the gold price at 68.10 million dong/tael (buy in) and 68.95 million dong/tael (sold out), down 150,000 dong/tael in both directions.

Meanwhile, the world gold price is currently trading at 1,918 USD/ounce, down 07 USD/ounce compared to the early hours of this morning.

Gold prices lost momentum last week after Russia and Ukraine began new peace talks in Istanbul, Turkey.

Possible progress in cease-fire talks between Russia and Ukraine could depress the safe-haven value of gold this week. That is the reason why some market analysts predict gold prices will go down next week.

Adrian Day, president of Adrian Day Asset Management, said he is inclined to turn bearish this week. Adrian Day, said that the price of gold is no longer far from the price range before the war in Eastern Europe.

“Only when the market focuses on the impossible choice of the US Federal Reserve (Fed) and the European Central Bank (ECB) will gold continue its uptrend.“, said Mr. Adrian.

An important event will take place this week when the Open Market Committee of the US Federal Reserve (Fed) will release the minutes of its March meeting on Wednesday (April 6). Analysts say the minutes will reveal details of the Fed’s plan to shrink its balance sheet.

The drop in world gold prices is the main reason why domestic gold price fell at the beginning of today’s trading session.