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Domestic and international gold prices fell sharply

Domestic gold price today (May 3) plummeted sharply following the decline of the world gold price.

At 9:30 am today (May 3), the price of 9999 gold in Hanoi was traded by Saigon Jewelry Company SJC at VND 69.2 million/tael (buy in) and VND 69.97 million /tael (sold), a decrease of 450 thousand dong in the buying afternoon and 400 thousand dong in the selling afternoon compared to the end of the trading session on April 29. This is a rather strong decrease in SJC gold price compared to before the holiday. Thus, the price of SJC gold bar has officially lost 70 million dong/tael.

The price of 9999 gold in Hanoi was traded by Doji Jewelry Group at 69.55 million dong/tael (buy in) and 70.25 million dong/tael (sold out), the price remained unchanged compared to the end. trading session on April 29.

The difference between the buying and selling price of 9999 gold is now narrowed to 700-770 thousand VND/tael.

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Domestic gold price fell sharply

Not only the price of gold bars but also gold jewelry, gold rings 24K also depreciated sharply. At 9:30 am today (May 3), the price of gold jewelry, 24K gold rings of all kinds of SJC was adjusted to 54.6 million dong/tael (buying in) and 55.5 million dong/tael (selling). out), losing up to 600,000 VND/tael.

The domestic gold price today (May 3) dropped sharply in the context of the world gold price also plummeting. The world gold price has slipped from the resistance level of 1,900 USD/ounce

Last night, the world gold price at one point dropped by tens of USD/ounce. At 6 o’clock today (May 3, Vietnam time), the world gold price traded at 1,865 USD/ounce, down 32 USD/ounce compared to the previous day’s opening price of 1,897 USD/ounce.

Until 10:30 am today (May 3, Vietnam time), the world spot gold price stood around the threshold of 1,863.4 USD/ounce. This is the lowest level in more than 2 months.

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World gold price movement

The strength of the dollar and soaring US bond interest rates put pressure on gold prices in the international market to plummet.

The US Federal Reserve (Fed) will start its monetary policy meeting later today and end at dawn 5/5 (Vietnam time). Many believe that the Fed will decide to increase the base rate by 0.5 percentage points. Previously, in March, the Fed also raised the basic interest rate by 0.25 percentage points. Before this news, the USD appreciated strongly against many other currencies, putting pressure on the gold price.

Besides, US bond interest rates are now soaring to 3%/year – the highest level since 2018. That makes many people collect USD to buy bonds. This also puts pressure on the gold price to go down.

However, the difference between the domestic gold price and the world gold price is still very high, about 18 million VND/tael.

Handsome

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Gold price today 3/5: Downward pressure, gold faces a big challengeGold price today 3/5 on the international market continues to be under downward pressure when the dollar hangs at the highest level in 20 years.
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