Fearing a sharp drop in gold prices, people rushed to sell.

At 6pm today, November 7, at Mi Hong gold shop on Bui Huu Nghia street (Binh Thanh), many people were still rushing to sell because they were worried that the price of gold would drop further.

Many people are worried about selling gold this afternoon when the price drops sharply - Photo: THANH HIEP

One day, the price of 9999 gold rings decreased by 5-6 million VND/tael

At the end of today, the world gold price was at 2,665.3 USD/ounce, slightly up from this afternoon, but the domestic gold price continued to plummet due to strong selling pressure.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 81.84 million VND/tael.

According to Tuoi Tre Online , at the end of today, SJC Company listed the selling price of SJC gold bars at 85.5 million VND/tael, and the buying price was 81 million VND/tael.

Thus, in just one day, the price of SJC gold bars evaporated by 4 million VND/tael in the selling direction. Meanwhile, in the buying direction, the price of SJC gold bars lost up to 6 million VND/tael.

The difference between buying and selling gold prices is also at a record level: 4.5 million VND/tael, 2-3 times higher than a few days ago.

The selling price of gold rings at SJC Company also dropped dramatically to 83.8 million VND/tael, while the buying price was 81 million VND/tael. Thus, in just one day, the price of 9999 gold rings decreased by 5.1 million VND/tael for selling and 6 million VND/tael for buying.

At Bao Tin Minh Chau Company, the selling price of gold rings decreased from VND88.43 million/tael yesterday to VND84.08 million/tael, equivalent to a decrease of VND4.35 million/tael. The buying price also decreased from VND87.33 million/tael to VND81.28 million/tael (a decrease of VND6.05 million/tael).

DOJI Company also reduced the selling price of 9999 gold rings by 4.6 million VND/tael, from 88.4 million VND/tael to 83.8 million VND/tael. The buying price decreased from 87.3 million VND/tael to 81 million VND/tael, equivalent to a decrease of 6.3 million VND/tael.

This is the record drop in gold prices in recent months, causing gold holders to panic and sell.

Present at Mi Hong gold shop at 6pm today, Tuoi Tre Online recorded a large number of people coming to sell gold even though it was almost closing time.

Sell ​​because of fear of further gold price drop

Gold holders worry that gold prices will fall further - Photo: THANH HIEP

In the queue, Ms. T. (Binh Thanh) held a tael of SJC gold bars to sell for 81 million VND/tael. "I have a tael of gold saved, just yesterday the buying price was 87-88 million VND/tael but I wanted to wait for a higher price. Who would have thought that today the gold price would plummet so much so I decided to sell it right away, because I was afraid that the gold price would drop even more tomorrow," Ms. T. said, looking regretful.

Meanwhile, Ms. V. held 2 taels of 9999 gold rings. The buying price of gold rings at the end of today was 80 million VND/tael, selling price was 82.25 million VND/tael.

Ms. V. said she had to sell and wait for the price to drop to buy back, not knowing when the price of gold would drop. "I've heard that after every US presidential election, the price of gold usually drops very deeply and for a long time, so I'm very worried," Ms. V. said.

Also according to the record, although it was the end of the day, the number of people selling gold did not decrease but increased, Mi Hong gold shop had to increase security to regulate and arrange vehicles because this was also rush hour so there were many people going home from work passing by this route.

Not only at Mi Hong gold shop, but also at some branches of PNJ Company, gold rings are available again due to people selling them, while before that, gold was often not available.

At the PNJ Company branch on Le Thanh Ton Street, District 1 this afternoon, when asked, the company staff said they had several 9999 gold rings available in blister packs, the selling price was 83.8 million VND/tael, while the buying price was 82.5 million VND/tael.

PNJ Company listed the buying price of gold rings higher than the buying price of SJC gold bars - Screenshot

Some people take advantage of buying

While the gold market is leaning towards selling, there are also some people taking advantage of the shocking price drop to buy gold. Present at SJC Company at 4:45 p.m., Tuoi Tre Online recorded many people rushing to ask to buy gold. However, the company security announced that the trading hours were over and asked to come back tomorrow morning.

Ms. Tram (District 3) said that she had been waiting for a long time for a day when the gold price would drop sharply, so she wanted to buy some to store. She planned to buy a quantity of SJC gold bars, but was worried that the gold price would increase tomorrow morning.

Meanwhile, at Mi Hong gold shop, besides the line of people waiting to sell, there were also many people waiting to buy gold rings. Ms. M. brought her child along to buy gold and said that she would buy 2 taels of gold rings first, and if the price of gold drops further, she would buy more.

The purchase price of SJC gold bars is equal to or lower than the price of gold rings.

According to the record, a "strange" development in the market is that the current buying price of SJC gold bars is equal to or lower than the price of gold rings. This is something that was very difficult to happen before because the price of SJC gold bars is always 6-8 million VND/tael higher than the price of gold rings. At the peak time, the difference can be up to tens of millions of VND/tael.

Specifically, at SJC Company at the end of today, the buying price of SJC gold bars and 9999 gold rings were the same, both at 81 million VND/tael. Meanwhile, at PNJ Company, the buying price of SJC gold bars was only 80 million VND/tael, while the buying price of gold rings was up to 81 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 3.36 million VND/tael higher. Meanwhile, the price of gold rings is 2 million VND/tael higher than the converted world gold price.

Please read the updated domestic gold price developments HERE.

Source: https://tuoitre.vn/lo-vang-giam-sau-nguoi-dan-un-un-keo-nhau-di-ban-20241107200139285.htm