Gold prices continue to decline Monday afternoon

By Minh Hieu   June 3, 2024 | 01:32 am PT
Gold prices continue to decline Monday afternoon
SJC gold bars at at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price declined by another 1.3% from the morning session to VND79.98 million ($3,144.49) Monday afternoon.

It had plunged 3% from the weekend in the morning session. It has fallen by 13.07% from its historic peak of VND92 million (US$3,619.91) seen on May 10. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price also decreased by 0.4% from the morning session to VND75 million per tael.

The price drop came as four state-owned lenders began selling gold bars to retail consumers on Monday afternoon at prices around 1.2% lower than market rates.

Agribank, BIDV, VietinBank and Vietcombank bought gold from the State Bank of Vietnam (SBV) for VND78.98 million (US$3,106.39) per tael.

Globally, gold prices were little changed on Monday as traders awaited more U.S. economic data this week after a recent report showed that inflation stabilised and lifted hopes for the Federal Reserve to cut interest rates later this year, Reuters reported.

Spot gold was nearly unchanged at $2,323.87 per ounce, as of 0752 GMT. Bullion was up nearly 2% in May.

U.S. gold futures fell 0.1% to $2,344.40.

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