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Sunday, June 16, 2024

Domestic gold prices edge down

The Saigon Times

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HCMC – As trading began this morning (May 13), domestic gold prices fell by VND3.3 million per tael for buying and VND2.8 million for selling, causing huge losses for those who had bought the metal at record-high prices.

The difference between the buying and selling prices widened to VND3 million, up by VND500,000 from the previous session.

Each tael of SCJ gold was quoted at VND85.5 million for buying and VND88.5 million for selling. A tael equals 37.5 grams or 1.2 troy ounces.

At other businesses, such as DOJI and PNJ, the selling price of gold ranged from VND88 million to VND88.8 million per tael.

Doji quoted its gold bars at VND85.5-87.5 million per tael, down from the levels on the weekend.

PNJ priced its gold bars at VND87 million per tael for buying and VND89.7 million per tael for selling, a respective decrease of VND1.1 million and VND1.6 million over the previous session.

Bao Tin Minh Chau now buys the metal at VND87 million per tael and sells it at VND89.2 million per tael. This is a decrease of VND1.8 million for buying and VND2 million for selling compared to previous prices.

Gold rings remained stable at around VND74.85 million per tael for buying to VND76.55 million for selling, with a slight increase of VND50,000 per tael in each direction.

The steep decline in gold prices comes after Deputy Prime Minister Le Minh Khai told the central bank to swiftly inspect businesses involved in gold production, trading, and retail.

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