(NLDO) – Each tael of SJC gold bar "evaporated" about 2.5 million VND/tael following the downward trend of the world, buying at less than 82 million VND/tael.
On the morning of December 22, SJC gold bar prices were listed by businesses at VND81.8 million/tael for buying and VND83.8 million/tael for selling, down VND2.5 million/tael compared to the end of last week.
Some other gold companies sell SJC gold bars for up to VND84.4 million/tael or VND85 million/tael.
Meanwhile, the price of gold rings and jewelry of all kinds decreased but with a narrower amplitude compared to the downward trend of gold bars. SJC Company traded the price of 99.99 gold rings at around VND81.8 million/tael for buying and VND83.6 million/tael for selling, down about VND1.1 million/tael compared to the end of last week.
PNJ and DOJI companies traded 99.99 gold rings at higher prices, around 83.4 million VND/tael for buying and 84.4 million VND/tael for selling.
The difference in selling price between businesses is up to millions of VND/tael.
The world gold price closed the trading week at 2,623 USD/ounce, down about 25 USD/ounce (equivalent to about 750,000 VND/tael) compared to the end of last week. During the week, the precious metal also had a week of strong fluctuations, when at times it fell below the 2,600 USD/ounce mark after the US Federal Reserve (FED) cut interest rates by 0.25% for the third time this year, but also revealed that there would be fewer interest rate adjustments in 2025.
This development caused the USD to maintain a strong upward momentum, at times surpassing 108 points - the highest level in the past 2 years, causing pressure to reduce gold prices.
SJC gold bar price plummeted last week
Compared to the peak of the world gold price at 2,790 USD/ounce set in November, the current gold price has lost about 130 USD/ounce. Many investors are wondering whether they should buy gold at this price range?
Talking to reporters of Nguoi Lao Dong Newspaper, gold expert Tran Duy Phuong analyzed that in the past few days, world gold prices have tended to decrease quite sharply when the FED and central banks of European countries slowed down in cutting interest rates in 2025.
Previously, the market expected the FED to cut interest rates 3-4 times in 2025, but now it is expected to only happen 1-2 times. The possibility that major banks in the world will slow down the rate of interest rate cuts will cause gold prices to lose their support factor.
"From now until the end of 2024, the gold price is unlikely to fluctuate too much and will find it difficult to surpass the $2,700/ounce mark. However, if calculated from the beginning of the year until now, the gold price has increased by more than 30%, which is a very high level. Forecasting for 2025, the gold price still has the potential to increase but the increase will not be as large as this year. The gold price may reach a new peak of $2,900/ounce" - expert Tran Duy Phuong predicted.
Source: https://nld.com.vn/gia-vang-hom-nay-22-12-lao-doc-manh-196241221214535999.htm
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