This morning, the price of gold continued to decrease, leading to a smaller gap between domestic and international gold prices. In HCMC, the buying price of gold at a store of the Mi Hong gold and jewelry chain in Binh Thanh District dropped by VND1.5 million (US$61.8) to VND69.6 million (US$2,868) per tael. In Hanoi, the Saigon Gold and Jewelry Company (SJC) bought gold at VND71 million per tael and sold it at VND74.02 million per tael, marking a decrease of VND2 million per tael for buying and selling. The price of SJC’s 9999 gold ring and Bao Tin Minh Chau Company’s 9999 gold rings also experienced decreases in value. On the international market, the price of gold was traded at $2,062.97 per ounce, indicating a $10 decrease compared to the previous day. The domestic SJC gold price set a new record of VND80.22 million per tael on the morning of December 26th.
Insight: The narrowing gap between domestic and international gold prices could have various implications for the gold market. Tightening price differentials between domestic and international markets can impact trading volumes and trends in gold imports and exports. Additionally, it could affect investor sentiment and the purchasing power of consumers. Furthermore, this movement in gold prices also reflects changing economic conditions and monetary policies, providing valuable insights for investors and policymakers.
