This morning, local gold trading enterprises increased the domestic price of SJC bullion. For instance, PNJ Company increased the price of SJC gold up to VND1.2 million a tael. Compared to last week, the difference between the prices of SJC precious metal and the world gold price was VND18 million a tael whereas that last week it was less than VND17 million a tael.
The price of SJC gold quoted at SJC Company in Ho Chi Minh City at noon on August 1 was VND 66.8 million a tael as buying price and VND67.8 million a tael as the selling price, an increase of VND 700,000. At the same time, PNJ Company in Hanoi quoted the buying price of SJC gold at VND 66.9 million a tael bought and the selling price of VND67.8 million a tael, an increase of VND1.2 million for buying and VND1.1 million for selling.
Meanwhile, the price of gold ring 9999 of PNJ was traded at VND52.2 million a tael and VND53.2 million a tael for buying and selling.
On the international gold market, the gold price at the opening session of the week turned down compared to the end of last week. Gold price on the Kitco floor on the afternoon of August 1 was at US$1,760.6 per ounce, lower than the closing price in New York last week by $6.1 per ounce.
This price after conversion is equivalent to about VND49.8 million a tael, or about VND18 million a tael lower than the SJC gold price.
Gold prices rebounded on the back of a weaker dollar and lower US Treasury yields. The U.S. dollar index (USDX), a measure of the value of the U.S. dollar relative to a basket of foreign currencies, this morning continued to fall below 105.8 points, 0.1 percent lower than the closing price last Friday, and is at the lowest level in three recent weeks.
Currently, USD Index has dropped about 1 percent compared to the last week. Although the world gold price is currently decreasing slightly, it has increased by nearly 3.2 percent against the prior week.
