Gold bar prices are at their lowest since the beginning of the year

On the morning of June 4, Saigon Jewelry Company (SJC) listed gold bar prices at 153.5 – 156.5 million VND per tael, down 500,000 VND compared to the end of yesterday. Other brands also made similar adjustments.

This is the lowest price of precious metals since the beginning of the year. Compared to the peak on March 2, each amount of gold bars has decreased by more than 34 million VND.

With plain rings, SJC also lowered 500,000 VND compared to yesterday, reaching 153.3 – 156.3 million VND per tael. PNJ, DOJI, Bao Tin Minh Chau, Bao Tin Manh Hai all traded this item about 200,000 VND higher than SJC each way buying and selling, at 153.5 – 156.5 million VND per tael.

Domestic gold decreased following the decline of international prices. Closing the trading session on June 3, each ounce of world gold for immediate delivery lost more than 53 USD compared to the previous session, reaching 4,433 USD. However, this morning, precious metal prices have recovered more than 22 USD, to 4,460 USD.

Converted according to Vietcombank exchange rate, world gold is equivalent to 141.5 million VND per tael. Thus, the domestic price is 15 million VND different from the international price.

The world market went down due to the prolonged geopolitical conflict in the Middle East, causing concerns about rising inflation and interest rates continuing to remain high. In addition, investors are also waiting for upcoming US economic data to be released.

Gold is often seen as a refuge from inflation. However, in a high interest rate environment, precious metals become less attractive due to their lack of yield.

Prices of silver bars and silver bars also decreased by nearly 2%.according to international price developments. Phu Quy listed this metal at 2.77 – 2.85 million VND per tael, equivalent to 75.8 – 76.1 million per kg. Ancarat, Sacombank – SBJ buy and sell silver bars equivalent to Phu Quy.