The difference is nearly 18 million VND/tael
Domestic gold rose
First session of the week, gold bar price 9999 at SJC Hanoi is 68.3 million VND/tael (buy in) – 69.32 million VND/tael (sold out). SJC HCMC listed at 68.3 million dong/tael (buy in) and 69.3 million dong/tael (sold out).
Doji Hanoi listed at 68.2 million dong/tael (buy in) and 69.15 million dong/tael (sold out). In Ho Chi Minh City, Ho Chi Minh City Doji bought SJC gold at 68.2 million VND/tael and sold it at 69.15 million VND/tael.
On the 3/6 session, the domestic gold price adjusted and continued to increase. On June 3, the gold price was listed at 68.8 million dong/tael (buy in) and 69.72 million dong/tael (sold out) at SJC Hanoi. Doji Hanoi traded at 68.7 million dong/tael (buy in) and 69.65 million dong/tael (sold out).
On the 4/6 session, the gold price adjusted down by 50,000 VND/tael in the buying and selling direction compared to 3/6.
At the end of the week, the price of 9999 gold bars at SJC Hanoi was 68.75 million dong/tael (buying in) – 69.65 million dong/tael (sold out). SJC Ho Chi Minh City listed at 68.75 million VND/tael (buy in) and 69.67 million VND/tael (sold out).
Doji Hanoi listed at 68.7 million dong/tael (buy in) and 69.65 million dong/tael (sold out). In Ho Chi Minh City, Ho Chi Minh City Doji bought SJC gold at 68.85 million VND/tael and sold it at 69.65 million VND/tael.
Thus, last week, gold price decreased by 400-450 thousand VND/tael.
World gold fell
On the world gold market, the spot gold price in the US fell by 17.2 USD/ounce to 1,851.3 USD/ounce. Gold futures for August delivery on the Comex New York exchange fell $21.2 to $1,850.2 an ounce.
For the whole week, the price of this precious metal fell 0.3%, after two consecutive weeks of gains and despite closing the session on June 2, the highest since May 6.
The world gold price converted to the bank’s USD price is 51.6 million dong/tael, excluding taxes and fees, about 17.7 million dong/tael lower than the domestic gold price.
Gold prices fell nearly 1% on May 31, ending the second consecutive month of decline for this precious metal.
Gold futures prices increased slightly in the session 1/6 because of gloomy economic data, gold price for August delivery in August 2022 increased 0.02% to 1,848.7 USD/ounce.
In the session 3/6, spot gold price increased 1.2% to 1,868.41 USD/ounce, after rising to the highest level a week earlier. US gold futures also rose 1.2% to $1,871.4 per ounce.
Although gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding unprofitable gold and boost the dollar.
If economic concerns continue to weigh on bond yields, gold could continue its rally, with the first hurdle, said Craig Erlam, senior market analyst at consulting firm OANDA. was $1,870/ounce and then progressed to $1,900/ounce.
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