At around 9:15 a.m., the price of 9999 gold rings was simultaneously adjusted down by businesses. Specifically, SJC Company reduced the buying price by VND350,000 and the selling price by VND150,000, listing at VND75.8 million per tael for buying and VND77.3 million per tael for selling. Doji Group traded 9999 gold rings at VND76.1 million per tael for buying and VND77.3 million per tael for selling, down VND100,000 for buying and VND150,000 for selling compared to yesterday.
Meanwhile, SJC gold bars are still listed by SJC Company, PNJ, and Doji Group at VND77 million per tael for buying and VND79 million per tael for selling, unchanged from yesterday.
The selling price of SJC gold at four State-owned commercial banks (BIDV, Agribank, Vietinbank, and Vietcombank) this morning is listed at VND79 million per tael.
In the global gold market, the closing price of gold in New York on the night of August 6 dropped to $2,390.7 an ounce, down $19.7 from the previous session. The spot gold price on the Kitco exchange on the morning of August 7 (Vietnam time) was trading at $2,382.3 an ounce. This price, after conversion, is equivalent to VND72.5 million per tael, which is VND6.5 million per tael lower than SJC gold and about VND4.8 million per tael lower than 9999 gold rings.
Global gold prices continue to plummet, falling below the $2,400-an-ounce mark due to ongoing investor sell-offs. However, experts believe the decline in gold prices has been significantly mitigated by expectations that the US Federal Reserve (FED) will cut interest rates in September and concerns over escalating geopolitical tensions in the Middle East. According to the CME FedWatch tool, the market is currently forecasting a 100 percent chance that the FED will pivot its policy at the upcoming September meeting.
