On today’s market trends, at around 9:00 a.m., the price of SJC gold bars was collectively slashed by SJC Company, PNJ, and Phu Quy Group by VND1.5 million (US$57) per tael for both buying and selling compared to late yesterday afternoon. Consequently, they’re currently listed at VND137.5 million ($5,220) per tael for buying and VND141.5 million ($5,370) per tael for selling.
The price of 9999 gold rings this morning was also reduced by SJC Company by VND1.5 million ($57) per tael in both directions, firmly listed at VND137 million ($5,200) per tael for buying and VND141 million ($5,350) per tael for selling.
Meanwhile, Phu Quy Group reportedly quoted 9999 gold rings at VND137.5 million ($5,220) per tael for buying and VND 141.5 million ($5,370) per tael for selling, actively dropping VND1.5 million ($57) per tael for both buying and selling.
PNJ Company reduced the price of gold rings by VND1.4 million ($53) per tael in both directions, currently trading at VND136.2 million ($5,170) per tael for buying and VND141.2 million ($5,360) per tael for selling.
Domestic gold prices have adjusted downward this morning, completely wiping out the entire gain recorded in the previous session. Meanwhile, it appears the stark difference between buying and selling prices is still firmly anchored by businesses at a substantial VND4 to 5 million ($152 to $190) per tael.
On the global market, the spot gold price on the Kitco exchange today stood at $4,043.6 per ounce. It dropped roughly $33 per ounce compared to the closing price yesterday in New York. After conversion, this equals roughly VND129.2 million ($4,900) per tael. This remains significantly lower than the domestic price by about VND11.8 to 12.3 million ($448 to $467) per tael.
The global gold price on the Asian market also reversed course this morning. It’s dropping primarily because investors are trading cautiously while waiting for the US Federal Reserve’s monetary policy decision later this week.
The market’s focal point remains the upcoming FOMC meeting, with the pivotal interest rate decision slated for July 30. The market heavily leans toward a 0.25-percent FED rate hike, inherently pressuring gold prices.
Amidst unclear signals, gold is caught in a tug-of-war. Mounting inflationary pressure from energy opposes caution surrounding the monetary outlook. It appears the Strait of Hormuz relentlessly continues as a notable geopolitical risk. Eager investors carefully monitor developments here to anticipate oil price impacts on global gold markets.
