SJC gold drops amid global gold rally

Under selling pressure following reports that the State Bank of Vietnam is preparing to auction gold to boost supply, SJC gold prices continued to decrease this morning, April 17.


The price gap between SJC gold and the global market narrowed by an additional VND1 million per tael compared to yesterday.

Around 9 a.m. on April 17, in Ho Chi Minh City, Mi Hong Gold Shop quoted SJC gold at VND81.5 million per tael for buying and VND83.3 million per tael for selling, down VND200,000 for buying while holding selling prices steady compared to the previous day. Meanwhile, in Hanoi, Doji Group maintained prices at VND81.7 million per tael for buying and VND83.8 million per tael for selling, keeping the buying price unchanged and reducing the selling price by VND200,000.

The price of 9999 gold rings slightly increased. SJC Company bought 9999 gold rings at VND74.8 million per tael and sold them at VND76.7 million per tael for selling, up VND100,000 in the buying and selling rates compared to yesterday. Meanwhile, Bao Tin Minh Chau Company listed the price of 9999 gold rings at VND75.33 million per tael for buying and VND77.03 million per tael for selling, an increase of VND50,000 for both buying and selling.

In the global gold market, the spot gold price on the Kitco exchange stood at US$2,382.85 an ounce on the morning of April 17 (Vietnam time), marking an increase of nearly $20 compared to yesterday. This translates to approximately VND72.75 million per tael. Currently, the world gold price is approximately VND10.5 million per tael lower than SJC gold, while the gap between domestic and global gold prices was VND11.5 million per tael yesterday. Meanwhile, the price of 9999 gold rings is approximately VND4.3 million per tael higher than the world gold price.

The fluctuations in the international gold market have become increasingly unpredictable due to escalating geopolitical tensions in the Middle East region, notably Israel's contemplation of retaliatory measures against Iran's recent attacks.

Despite signals from officials at the US Federal Reserve (FED) suggesting a delay in interest rate cuts, owing to the ongoing strength of the US economy, the US dollar continues to strengthen. This poses a barrier to the upward trajectory of the precious metal.

Nevertheless, according to senior analyst Jim Wyckoff of Kitco Metals, if tensions escalate in the Middle East, it could activate another surge in gold prices.

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