Today, the market recorded a session of unstoppable price decline of domestic gold rings and gold bars.

This morning, the price of gold rings was continuously adjusted by brands with a very strong decrease. Doji Gold and Gemstone Group sharply reduced the price of gold rings this morning.

Specifically, at 8:50 a.m., Doji's 9999 gold ring price was adjusted down to 84.6-86 million VND/tael (buy - sell), down 2.7 million VND per tael for buying and down 2.4 million VND per tael for selling compared to yesterday's closing price.

At 9:12 a.m., Doji reduced the price of 9999 gold rings to 84.1-85.5 million VND/tael (buy - sell), a further decrease of 500,000 VND per tael in both directions compared to today's opening price.

At 9:30 a.m., Doji reduced the price of 9999 gold rings to 83.1-84.6 million VND/tael (buy - sell), a further decrease of 1 million VND per tael for buying and a further decrease of 900,000 VND per tael for selling.

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Gold ring prices plummet. Photo: Tam An

At 10:33 am, the price of 9999 gold rings was adjusted down to 82-84 million VND/tael (buy - sell).

In total, the price of gold rings at Doji decreased by 5.3 million VND/tael in buying and 4.4 million VND/tael in selling compared to yesterday's closing price.

Similarly, Saigon Jewelry Company (SJC) also quickly adjusted down the price of gold rings.

Opening the trading session this morning, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 84.4-86.2 million VND/tael (buy - sell), down 2 million VND per tael for buying and down 1.7 million VND per tael for selling compared to the end of yesterday's trading session.

At 9:01 a.m., SJC Company adjusted the price of 1-5 tael gold rings to 84.1-85.9 million VND/tael (buy - sell), a decrease of 300,000 VND/tael in both directions compared to early this morning.

At 9:33 a.m., SJC lowered the price of 1-5 chi gold rings to 83.3-85.1 million VND/tael (buy - sell), a further decrease of 800 thousand VND per tael in both directions.

At 10:34, SJC adjusted the price of 1-5 tael gold rings to 83-84.8 million VND/tael (buy - sell).

Thus, this morning, SJC gold ring price decreased by 3.4 million VND/tael in buying price and decreased by 3.1 million VND/tael in selling price compared to the end of yesterday's trading session.

Phu Nhuan Jewelry Company (PNJ) at 10:01 also lowered the price of plain gold rings to 83.9-85.1 million VND/tael (buy - sell), down 3.1 million VND per tael in both directions compared to the closing price yesterday.

At 10:29 a.m., Bao Tin Minh Chau Company also adjusted the price of Thang Long gold rings and dragon gold down by 3.97 million VND for buying and 3.07 million VND for selling compared to yesterday's closing price, to 83.36-85.36 million VND/tael.

In the same trend, the price of SJC gold bars early this morning was adjusted down by 2 million VND per tael for buying and down by 1.5 million VND per tael for selling compared to the end of yesterday's trading session, to 85-87.5 million VND/tael (selling).

At 9:33 a.m., the price of gold bars at SJC dropped to 84-87 million VND/tael (buy - sell), a further decrease of 1 million VND/tael for buying and 500,000 VND for selling.

At 10:43, the price of gold bars at SJC dropped to 83.5-87 million VND/tael (buy - sell).

Thus, the price of SJC gold bars this morning was adjusted down by 3.5 million VND/tael for buying and down by 2 million VND/tael for selling compared to the end of yesterday's trading session.

Domestic gold prices plummeted following international gold prices.

The yellow metal fell sharply after the victory of Republican presidential candidate Donald Trump. In addition, a stronger US dollar and higher US Treasury yields also added downward pressure on gold prices.

On the evening of November 6, investors rushed to sell gold, canceling long-term transactions with this precious metal.

At 9:44 a.m. today, the world spot gold price was at 2,653.5 USD/ounce.

Compared to the peak of 2,790 USD/ounce (October 30), the world gold price has decreased by 136.5 USD/ounce.

The world gold price converted according to Vietcombank's selling rate is equivalent to more than 82.4 million VND per tael (including taxes and fees). Currently, the difference between the price of SJC gold bars and the world gold price is 4.6 million VND per tael.