Gold price drops, gold rings from scarce to abundant

The fluctuating price of gold has caused gold holders to choose the safe solution of selling. The supply of gold in the market has become abundant again.

Gold ring sources are no longer as scarce as before - Photo: THANH HIEP

Gold prices have dropped sharply and gold supply is abundant, gold companies no longer limit purchases like before.

Gold prices fall, gold supply suddenly becomes abundant

After recovering strongly to the threshold of 2,700 USD/ounce last night, gold price This afternoon, November 8, the world gold price plummeted again, at times falling close to 2,680 USD/ounce. At 6:00 p.m., the world gold price was at 2,685 USD/ounce, equivalent to a decrease of 22 USD/ounce (675,000 VND/tael).

World gold prices plummeted despite the US Federal Reserve (Fed) making its second interest rate cut in the past two months, a 0.25% reduction, bringing interest rates to around 4.5-4.75%.

This is an effort by the Fed to return monetary policy to normal after a period of aggressive tightening to fight inflation.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 82.48 million VND/tael.

People can easily buy gold rings at gold shops - Photo: THANH HIEP

As noted by Tuoi Tre Online , the selling price of SJC gold bars this morning increased by 1 million VND/tael, up to 86.5 million VND/tael, the buying price also increased by 1 million VND/tael, up to 82 million VND/tael.

However, this afternoon, when the world gold price plummeted, SJC Company reduced the selling price of SJC gold bars by half a million VND/tael, to 86 million VND/tael. The buying price remained unchanged at 82 million VND/tael.

Notably, due to abundant supply, SJC Company no longer requires customers to register to buy online as before, but can buy directly and without quantity limit.

The price of 9999 gold rings listed at SJC Company also increased by 1 million VND/tael, to 84.8 million VND/tael. The buying price of gold rings is equal to that of gold bars: 82 million VND/tael.

Customers come to trade gold today at SJC Company - Photo: THANH HIEP

The difference between buying and selling prices of gold remains quite large: 4 million VND/tael for SJC gold bars and 2.8 million VND/tael for gold rings.

At Bao Tin Minh Chau Company, the selling price of gold rings this afternoon was VND85.12 million/tael, an increase of VND1.04 million/tael compared to the end of yesterday. The buying price also increased by VND2.04 million/tael, to VND83.32 million/tael.

DOJI Company also increased the selling price of 9999 gold rings from 83.8 million VND/tael to 85.15 million VND/tael. The buying price increased from 81 million VND/tael to 83.35 million VND/tael, equivalent to an increase of 2.35 million VND/tael.

Gold selling pressure remains overwhelming

At Mi Hong gold shop, many people are still lining up to sell - Photo: THANH HIEP

Expert Tran Duy Phuong said that today the selling pressure in the gold market has decreased but the selling side still overwhelms the buying side.

Some gold brands or gold shops have also limited the purchase of SJC gold bars by listing the purchase price of SJC gold bars at a level as low as, or even lower than, gold rings. The reason is that after the US presidential election results, the world gold price fluctuated within a very wide range, leading to risks for buyers, so gold shops reduced the purchase price to limit it.

Gold holders sell because they are worried that the price of gold will decrease further - Photo: THANH HIEP

Meanwhile, if at the time when gold prices were hot in the past, it was very difficult to buy gold rings, but at the present time, gold rings are quite abundant because people are competing to sell.

According to the records at Mi Hong gold shop, people sell both gold rings and gold bars. Some gold shops belonging to PNJ Company system have 9999 gold rings available in blister packs from the source of goods sold by people.

Source