Gold price 'plummeted' again

World gold prices continuously adjusted after a sharp increase - Screenshot

Gold prices are still finding the bottom

Thus, compared to the peak of 2,685.6 USD/ounce, the world gold price has decreased by 50.5 USD/ounce, equivalent to a decrease of 1.5 million VND/tael.

At the current price, converted according to the listed exchange rate at the bank, the world gold price is only equivalent to 78.6 million VND/tael.

The decline in world gold prices has caused gold prices in the free market to plummet.

According to records, at the end of today, the price of SJC gold bars in the free market fell to 84.5 million VND/tael, down 1.8 million VND/tael compared to the end of September 28.

Compared to September 27, the price of SJC gold bars in the free market has evaporated by 2.8 million VND/tael.

Similarly, the price of 9999 gold rings in the free market also plummeted, from 82.5 million VND/tael at the end of September 28 to 81.8 million VND/tael, equivalent to a decrease of half a million VND/tael compared to the end of last week.

Compared to September 27, the decrease was up to nearly 3 million VND/tael.

The sharp drop in domestic and world gold prices since last weekend has made gold holders worried.

Investors reduce gold hoarding

Gold supply in the market has become abundant, not scarce like in previous days - Photo: NGOC PHUONG

Talking to Tuoi Tre Online , expert Tran Duy Phuong said that according to observations, investors have shifted from hoarding to selling. The amount of gold sold on the market is quite abundant, but buyers are cautious, unlike last week when the gold price went up, most of them just bought.

Today, SJC Company listed the selling price of 9999 gold rings at 83 million VND/tael, buying at 81.5 million VND/tael. Meanwhile, the price of SJC gold bars remained unchanged at 83.5 million VND/tael - 81.5 million VND/tael (selling - buying).

Bao Tin Minh Chau Company today also kept the selling price of 9999 gold rings at 83.44 million VND/tael, the buying price at 82.54 million VND/tael.

At DOJI Company, the selling price of 9999 gold rings decreased slightly from 83.45 million VND/tael to 83.35 million VND/tael, and the buying price was 82.3 million VND/tael.

Expert Tran Duy Phuong predicts that the decline in world gold prices may not stop. It is possible that world gold prices may fall by another 100 USD/ounce to 2,550 USD/ounce before recovering.

If this possibility occurs, the price of SJC gold bars could drop to 81.5 million VND/tael, while the price of 9999 gold rings could drop to 77 million VND/tael.

Source: https://tuoitre.vn/gia-vang-lai-cam-dau-20240930202720963.htm