This morning, the domestic gold price simultaneously decreased. The Saigon Jewelry Gold and Silver Company (SJC) reduced VND 50 thousand / tael bought in, VND 200,000 VND / tael sold for SJC gold piece. Accordingly, SJC gold price at this unit is listed as follows: VND 46.80 - VND 48.25 million / tael (HCMC), VND 47.85 - VND 48.27 million / tael (Hanoi).
At other gold trading units, the price of common gold traded was 47.78 - 48.10 million dong / tael, and about 20 - 50 thousand dong / tael bought, down 100 - 150 thousand dong / tael. afternoon sold out.
In the world, last night’s gold price dropped sharply to 22 USD in the US market session (last night in Vietnam time) and closed at just over 1,684 USD / ounce. In the Asian session, gold precious metal recovered slightly, but also traded at around 1,693.5 USD / ounce.
The reason for the sharp decline in gold price is because gold refineries around the world, including refineries and refineries in Switzerland and South Africa’s Rand Refinery, are restarting production after it has stopped. has been operating for over 1 month.
Rand Refinery said it will increase capacity to ensure that gold from the operators will be refined and transferred to gold banks and customers.
A few days earlier, the world’s two largest gold refiners - Valcambi and Argor-Heraeus of Switzerland also announced the resumption of nearly all activities, on the grounds that the Swiss government applied easing measures. than in fighting Covid-19.
Three Swiss gold refineries, which process around 1,500 tons of gold each year - about one-third of the global supply - have stopped working partially or wholly in the past six weeks due to coronavirus outbreaks.
The closure of these factories has led to a big difference between the spot price (London market) and the future price (New York). Refiners starting production can help normalize this gap and can help bring spot gold prices closer to pre-pandemic developments.
Experts say that the gradual return to normal supply and transport of gold could put pressure on gold prices in the short term. Gold prices may fall in the next week or two.
