Gold price plummets, after one week lost tens of millions of VND/tael

World gold prices have been steadily decreasing. By the end of today, November 12, world gold prices had broken through the threshold of 2,600 USD/ounce to 2,595.3 USD/ounce.

World gold price at times broke through the threshold of 2,600 USD/ounce - Screenshot

Gold price drops, "hitting the peak" after a week of losing more than 9 million VND/tael

Compared to the peak of 2,787.1 USD/ounce, the world gold price has decreased by a total of 191.8 USD/ounce, equivalent to 5.89 million VND/tael in a short time.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 79.64 million VND/tael.

Domestically, the selling price of SJC gold bars at the end of today was VND84 million/tael, the buying price was VND80.5 million/tael. The selling price of 9999 gold rings at SJC Company was VND82.4 million/tael.

Thus, the price of SJC gold bars has evaporated to 6 million VND/tael in the selling direction within just 1 week, while the price of 9999 gold rings has decreased to 6.6 million VND/tael.

The sharp drop in gold prices caused heavy losses for gold buyers before the US presidential election results because the above decrease was only calculated on the selling side, while the decrease on the buying side was even stronger.

Currently, the listed price for buying SJC gold bars is only 80.5 million VND/tael, and the price for buying 9999 gold rings is only 79.9 million VND/tael.

Thus, if a person who bought gold bars at the peak a week ago sold them now, he would lose 9.5 million VND/tael, while if he bought 9999 gold rings, he would lose 9.1 million VND/tael.

High gold buying and selling price difference

The sharp drop in gold prices has caused heavy losses for those who bought gold a week ago - Photo: THANH HIEP

At SJC Company, the difference between buying and selling gold prices remains quite large: 3.5 million VND/tael for SJC gold bars and 2.5 million VND/tael for gold rings. Meanwhile, some other gold companies also maintain a difference of nearly 3 million VND/tael because the current price is quite risky.

At Bao Tin Minh Chau Company, the selling price of gold rings at the end of today decreased by 1.81 million VND/tael, from 84.93 million VND/tael to 83.12 million VND/tael. The buying price decreased to 80.52 million VND/tael.

DOJI Company also reduced the selling price of 9999 gold rings to 83.2 million VND/tael, down 1.75 million VND/tael compared to yesterday, the buying price dropped rapidly from 83.15 million VND/tael to 80.5 million VND/tael, equivalent to a decrease of 2.65 million VND/tael. This is a quite shocking decrease in recent times.

Compared to the converted world gold price, the price of SJC gold bars is 4.36 million VND/tael higher, while the price of gold rings is 2.76 million VND/tael higher.

At 8:30 p.m., the world gold price recovered to 2,611.4 USD/ounce.

According to expert Tran Duy Phuong, the world gold price is adjusting after a period of overheating. On the other hand, the sharp decline in the world gold price is also a rule in the last 5 US presidential elections.

However, according to Mr. Phuong, the world gold price is unlikely to fall further below the $2,500/ounce range due to many supporting factors such as the US Federal Reserve (Fed) cutting interest rates, central banks of many countries entering a cycle of easing interest rates...

Source: https://tuoitre.vn/gia-vang-lao-doc-sau-mot-tuan-da-lo-hang-chuc-trieu-dong-luong-20241112204110232.htm