Compared to the beginning of the week, SJC gold has decreased by VND4 million per tael compared to global gold prices.
Around 9:30 a.m. in Ho Chi Minh City, Saigon Jewelry Company was trading at VND82 million per tael for buying and VND85 million per tael for selling, down VND1 million in the buying rate and VND2 million in the selling rate compared to the previous day. Mi Hong Gold Shop also reduced prices by VND1.2 million for buying and VND1.5 million for selling to purchase gold at VND82 million per tael and sold it at VND84.5 million per tael.
At the same time, in Hanoi, Doji Group saw a decrease of VND1.1 million in the buying rate and VND1.45 million in the selling rate compared to the previous day, buying gold at VND81.95 million per tael and selling it at VND84.5 million per tael. Bao Tin Minh Chau Company listed gold prices at VND82 million per tael for buying and VND84.5 million per tael for selling, down VND1 million in the buying rate and VND1.4 million in the selling rate.
The price of 9999 gold rings also saw a downturn this morning. SJC listed buying rate at VND74.2 million per tael and selling rate at VND75.8 million per tael, down VND300,000 in both buying and selling rates compared to the previous day. PNJ Company also saw a decrease of VND600,000 in both buying and selling rates, trading at VND74 million per tael for buying and VND75.8 million per tael for selling.
In the global gold market, the closing price at the end of the week was US$2,327.2 an ounce, down $20 compared to the previous day. This price, when converted, is equivalent to VND71.4 million per tael, VND13.6 million per tael lower than SJC gold, narrowing the gap by VND4.2 million per tael compared to the level of VND17.8 million per tael at the beginning of the week. The price of plain gold rings is VND4.4 million per tael higher than the global gold price.
Gold prices reversed course and declined at the end of the week as investors remained cautious ahead of significant US inflation data, which could impact interest rate outlooks. Currently, global gold is down over $120 compared to the record high set in May, hovering around $2,450 an ounce, amid concerns about the potential for prolonged high interest rates in the US prompting profit-taking among investors.
Recent US inflation reports have shown no signs of overheating. The Personal Consumption Expenditures (PCE) index for April 2024 rose by 2.7 percent compared to the same period last year, in line with market expectations. The core PCE index for April increased by 2.8 percent year-on-year. This report offers clearer insights into the timing and scale of potential interest rate cuts this year. Many forecasting tools indicate a 50.5 percent probability of the Fed cutting interest rates in September 2024.
