At 9:15 a.m. on July 4, Vietnam time, the price of SJC gold bars was listed by businesses at 118.9 million VND/tael for buying and 120.9 million VND/tael for selling, continuing to remain around the highest level in over a month.
In contrast to gold bars, the price of 99.99% gold rings and jewelry decreased slightly, down to 114.2 million VND/tael for buying and 116.7 million VND/tael for selling - about 4 million VND/tael lower than gold bars.
SJC gold bar price remains close to 121 million VND/tael
This situation occurred in the context of the world gold price decreasing by about 20 USD/ounce, trading around 3,330 USD/ounce (equivalent to 105.8 million VND/tael - converted according to the exchange rate from Vietcombank ), due to the USD increasing slightly with the DXY index around 97 points.
The main reason comes from positive US economic data and the trend of maintaining high interest rates by the US Federal Reserve (FED), causing cash flow to shift to less risky investment channels such as stocks, instead of taking refuge in gold.
Despite the decrease in world gold prices, the difference of about VND15-16 million/tael between SJC gold price and world gold price is still maintained, reflecting the sentiment of domestic investors towards precious metals as a risk hedging channel, despite higher import fees, taxes and investment costs.
Experts say that the fact that gold bar prices are hovering around VND121 million/tael, while international gold prices are slightly decreasing, is a signal that the domestic market is being supported by demand for reserve purchases, with investors expecting to create a new bottom after the adjustment period.
However, investors need to be cautious and closely monitor the USD exchange rate, monetary policy and upcoming US economic data.
Source: https://nld.com.vn/nhung-dieu-can-luu-y-khi-gia-vang-mieng-sjc-tiep-tuc-neo-cao-196250704093249025.htm
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