After 'evaporating' more than 6 million VND per tael, gold price reversed and increased sharply

After plummeting in the last trading session of the week, "evaporating" 5-6 million VND per tael, the domestic gold price this morning turned to increase sharply following the trend of world gold prices.

Opening the trading session this morning, April 21, the price of gold bars at Saigon Jewelry Company Limited (SJC) and Doji Jewelry Group was listed at 115 - 117 million VND/tael (buy - sell), an increase of 3 million VND per tael in both buying and selling compared to the closing price of the trading session last weekend.

Following the same trend, domestic gold ring prices early this morning were also adjusted to increase sharply.

Early this morning, SJC Company listed the price of gold rings of type 1 - 5 at only 112 - 115 million VND/tael (buy - sell), an increase of 2.5 million VND per tael for buying and more than 1.5 million VND per tael for selling compared to the end of last week.

Doji Gold and Gemstone Group traded the price of 9999 gold rings at 112.5 - 116 million VND/tael (buy - sell), an increase of 3 million VND per tael for buying and 2.5 million VND per tael more expensive for selling compared to the closing price last week.

Domestic gold prices turned to increase sharply in the context of high world gold prices.

At 8:58 a.m. on April 21 (Vietnam time), the world spot gold price was at 3,373.6 USD/ounce, up 46.6 USD/ounce compared to the close of last week.

At one point, spot gold prices jumped to $3,375.4 an ounce.

Converted according to the selling rate at Vietcombank, each tael of world gold is currently equivalent to more than 107.3 million VND (including taxes and fees), 9.7 million VND lower than the price of SJC gold.

Gold prices could be supported strongly by the European Central Bank (ECB) cutting interest rates amid rising economic uncertainty and weakening inflationary pressures, according to Kitco News experts.