Opening this morning (July 5), the domestic gold bar price was listed by Doji Gold and Gemstone Group at: 36.68 million VND/tael (buy) and 36.80 million VND/tael (sell), down 20,000 VND for buying compared to the end of the previous session's afternoon.
The price of SJC gold at 1kg of Saigon Jewelry One Member Co., Ltd. was listed at 36,680 - 36,870 million VND/tael, an increase of 10,000 VND/tael compared to the closing price of the previous day.
The price of SJC gold bars of Phu Nhuan Jewelry Joint Stock Company (PNJ) in the Hanoi market was listed at 36.710 (buy) - 36.810, million VND/tael (sell), an increase of 10,000 VND/tael compared to the closing price of the previous trading session.
The price of 9999.9 (24k) of Bao Tin Minh Chau's 9999.9 Thang Long gold price increased by 100,000 VND/tael compared to the closing price of the previous day, listed at 35.360 - 35.810 million VND/tael (buy - sell).
Gold prices on the world market until early morning of July 5 (Vietnam time), spot prices stood at 1,255 USD/ounce.
The price of gold for August delivery on the New York Comex was at 1,257 USD/ounce.
World gold converted to USD at 34.8 million VND/tael, excluding taxes and fees, is about 2.1 million VND/tael lower than domestic gold.
Gold prices recovered also due to the cooling of the USD. China's yuan rose quite rapidly from a historical low of 6.7 yuan to 1 USD after the People's Bank of China (PBOC) announced that it would stabilize the yuan.
In fact, many forecasts still believe that the USD will continue to increase. The data shows that the US economy is still quite good.
Gold is currently under strong selling pressure from major investment funds, including the world's largest gold exchange-traded fund (ETF) SPDR Gold Trust. Last week, SPDR net sold 1.3% of its gold holdings, raising June's net selling to 3.5% and the first half of the year's net selling to 4%.
