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Gold price dropped, shaking around 69 million VND/tael

Opening the trading session on June 7, the domestic price of gold bars was listed by Phu Quy Gold and Silver Company at 68.65 – 69.45 million VND/tael. This price reduced by 100,000 VND/tael in both buying and selling directions compared to the previous session. The price of smooth round rings is listed at 53.85 – 54.6 million VND/tael (buy in – sell out), down 200,000 VND/tael compared to yesterday.

Doji Jewelry Company listed the price of gold bars at 68.6 – 69.5 million VND/tael (buy in – sell out), keeping both buying and selling directions unchanged compared to the previous session. .

On the international market, on the morning of June 7 (Vietnam time), the world gold price was at 1,839 USD/ounce, down 14 USD/ounce compared to the end of the previous trading session. According to the current market price, the world gold price is equivalent to 51.7 million VND/tael (excluding taxes and fees), about 18.2 million VND/tael lower than domestic gold.

The world gold price on the night of June 6 was about 2.2% lower than at the beginning of 2021. Gold prices in the international market are lurking to rise again when oil prices reach new highs and some countries step up their purchases of gold.

According to Craig Erlam, senior market analyst at OANDA, the gold market seems to be pausing to wait for the next major move. The release of US inflation data on Friday will determine the movement of gold prices. Gold is now seen as a hedge against inflation, although higher interest rates increase the opportunity cost of holding zero-yield gold.

On the domestic currency market, on June 7, the central exchange rate was listed by the State Bank at 23,057 VND/USD, down 5 VND/USD compared to the previous one.

The USD rate was listed by Joint Stock Commercial Bank for Foreign Trade (VCB) at 23,015 – 23,325 VND/USD (buying in – selling out), down 10 VND/USD compared to the previous trading session.


According to Quynh Nga

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