Gold prices surge after South Korea declares martial law

World gold prices jumped tonight, December 3, to $2,655/ounce after news that South Korea declared martial law.

World gold price increased tonight - Screenshot

Gold prices rise after news of martial law in South Korea

The news that South Korean President Yoon Suk Yeol announced the declaration of martial law, citing the reason for dealing with "anti-government" forces, caused the world gold price to suddenly skyrocket.

From 2,637 USD/ounce, the world gold price has increased to 2,655 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 81.54 million VND/tael.

Domestic gold prices also increased slightly. The selling price of SJC gold bars at the end of today, December 3, was VND85.5 million/tael, an increase of VND200,000/tael compared to yesterday. The buying price also increased accordingly, to VND83 million/tael.

The selling price of gold rings also increased to 84.2 million VND/tael, buying price 82.7 million VND/tael.

At Bao Tin Minh Chau Company, the selling price of gold rings today is 84.38 million VND/tael, buying price is 83.28 million VND/tael, an increase of 100,000 VND/tael for selling and 200,000 VND/tael for buying.

DOJI Company's selling price of 9999 gold rings is 84.3 million VND/tael, buying price is 83.3 million VND/tael, an increase of 400,000 VND/tael in both buying and selling prices.

Weak purchasing power

After tonight's news, many people on forums predict that the world gold price will reverse and increase strongly again after a period of hovering around the threshold of 2,600 USD/ounce.

In the market, it is recorded that purchasing power is currently very weak because the gold price is at a high level, making people more hesitant.

Normally, buying power only appears when the price of SJC gold bars reaches 82 - 83 million VND/tael and 9999 gold rings reach 81 - 82 million VND/tael. But now, when the price of gold is above 85 million VND/tael, buying power is very weak.

Even with 9999 gold rings - an item that was almost out of stock months ago and gold companies limited purchases to only 1-2 taels/time, now the supply is more abundant due to the high gold price, many people have sold to take profit. Currently, people can buy in larger quantities instead of the previous limit.

Please read the updated domestic gold price developments HERE.

Source: https://tuoitre.vn/gia-vang-bat-tang-sau-khi-han-quoc-ban-bo-thiet-quan-luat-20241203215459406.htm