► At the current price, cheapest SJC is from May 3/2011 to now ..
The chart shows the international gold price is falling (green line) - Source: Kitco.
International gold prices lost nearly 50 USD / oz this afternoon, pulling domestic prices "evaporated" just 1 million / tael compared to the morning at the open.
At 16:30 this afternoon, the Group reported DOJI Jewelry SJC Hanoi market at 37.2 million dong / tael (purchase) and 37.55 million / tael (sold out), down 890,000 dong / tael for buying and 840,000 dong / tael compared to the first sale day.
At the same time the market in Ho Chi Minh City, SJC gold price listed in the Company's Saigon Jewellery (SJC) on milestone slipped 37.2 million / tael and 37.55 million / tael, respectively purchase price and the selling price. Compared to the early hours of the morning, the price of gold in this business is down 1.15 million / tael for buying and fell 1 million / tael for sale.
A fall in the price of gold in the country is causing major downward pressure on domestic prices. Since the beginning of this coming week, SJC gold price decreased by 1.8 million / tael. At current prices, the SJC is the cheapest since May 3/2011 to present.
However, the domestic gold price does not reflect the rate of decline of the international gold price. This is reflected in the gap between domestic prices and world widened.
At the time more than 16h Vietnam this afternoon, spot gold prices in the European market equivalent of 31.7 million / tael, lower retail SJC nearly 5.9 million / tael. A few days ago, the domestic gold price differences-even in the world at around 5 million / tael.
Gold prices dropped sharply causing the holders of gold witnessed a loss of property value. Many people buy gold when the price was falling in mid-April. Meanwhile, SJC sold down to 39.5 million / tael. If selling gold to go with the moment, those who buy gold when there was a loss of 2.3 million within about 2 ½ months.
Free USD in Hanoi this afternoon, down 10 compared to the morning, also common in the afternoon at 21290-21300 and 21320-21330 purchased at the selling side.
At 16h25 Vietnam now, spot gold prices on the international market dropped 44.6 USD / oz, equivalent to a decrease of 3.5%, compared with the previous session to close in New York, and $ 1,234 / oz.
Reuters said the international gold price is lowest in 3 years.
Gold is under huge pressure off the positive statistics about the U.S. economy strengthened expectations the U.S. Federal Reserve (Fed) will narrow the quantitative easing policy in the next few months.
Fed spending time each month to buy $ 85 billion of assets to support growth. The Fed is pumping money increases the risk of inflation, which is beneficial for gold for this property is investment channels most effectively fight inflation.
The ability to cut the Fed easing has driven many organizations to cut gold forecasts. Most recently, HSBC cut its forecast for gold prices in 2013 to average $ 1,396 / oz from $ 1,542 / oz was launched in the previous forecast. The average gold price forecast for 2014 is also $ 1,435 lower HSBC / oz from $ 1,600 / oz.
In addition, analysts said that the global stock market rally and yields on U.S. Treasuries rose also reduce the attractiveness of gold.
Demand for physical gold is not strong enough to support the gold price. China's economy is showing downtrend, while India sought to limit imports of gold to control the current account deficit. India and China
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