At 12:00 on May 8, major brands adjusted gold prices for the third time. SJC quoted gold bars at VND 143.5 – 147.5 million per tael, down VND 2.7 million per tael from the end of yesterday. At the same time, SJC lowered plain ring prices to VND 143.3 – 147.4 million per tael, and DOJI traded plain rings at VND 143.5 – 147.5 million per tael.
Thus, the current gold bar price is about 22% below the peak of VND 191 million per tael set in early March. The gains recorded since the start of the year have also been erased, and domestic gold is now VND 5 million per tael lower than at the beginning of the year.
Domestic gold has fallen faster than the international market, narrowing the gap between the two markets significantly over the past two months.
On the international market, spot gold is now close to USD 4,300 per ounce; converted at Vietcombank’s selling rate, this is about VND 10.5 million per tael lower than the domestic price.
Earlier, at the opening on June 8, Saigon Jewelry Company (SJC) quoted gold bars at VND 145.6 – 149.6 million per tael, down VND 600,000 from last weekend. The spread between SJC’s buy and sell prices for gold bars widened to VND 4 million per tael.
Plain rings fell by a similar range. SJC cut buy/sell prices for rings to VND 145.4 – 149.4 million per tael. PNJ and DOJI both traded plain rings at VND 145.6 – 149.6 million per tael.
By 10:00, SJC’s gold prices had fallen another VND 1 million from the morning opening, to VND 144.5 – 148.5 million per tael, VND 1.7 million per tael lower than last weekend. SJC’s plain rings were quoted at VND 144.3 – 148.3 million, and DOJI traded plain rings at VND 144.5 – 148.5 million per tael.
Silver coin and silver bar prices also edged down, trading around VND 2.5 – 2.6 million per tael, equivalent to about VND 68 – 70 million per kilogram. Specifically, Phu Quy and DOJI quoted silver at VND 2.56 – 2.64 million per tael, while Sacombank – SBJ listed silver at VND 1.59 – 2.68 million. Compared with the peak at the end of January, silver is about 40% lower.
In the foreign exchange market, Vietcombank quoted the USD at VND 26,097 – 26,407, only about 0.1% higher than at the start of the year. Meanwhile, the black-market US dollar is trading around VND 26,400 – 26,420.
By Quỳnh Trang
Leave a Reply