After many years, the domestic gold price suddenly connected with the world gold price. The price of gold bars and gold rings are also equal.
World gold price fell below the threshold of 2,900 USD/ounce tonight, February 11 - Screenshot
This "strange" phenomenon also occurred today, February 11.
The price of gold bars and gold rings is the same.
This morning, February 11, the price of gold was at its peak when it increased by nearly 3 million VND/tael, to 93.1 million VND/tael, but by the end of the day it fell to the bottom when it dropped 2.6 million VND/tael.
This is the most shocking drop in gold prices in many months.
By the end of today, the world gold price dropped to 2,898 USD/ounce. Thus, compared to the record set this morning of 2,941 USD/ounce, the world gold price has evaporated about 43 USD/ounce, equivalent to 1.33 million VND/tael and fallen below the threshold of 2,900 USD/ounce.
Customers selling gold this afternoon at SJC Company - Photo: THANH HIEP
Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 89.79 million VND/tael.
Because it has increased too much over the past 6 weeks, when the world gold price showed signs of adjustment, the domestic gold price dropped rapidly.
From 93.1 million VND/tael in the morning, the listed price of gold bars at SJC and PNJ at the end of today was only 90.5 million VND/tael, equivalent to a decrease of 2.6 million VND/tael. The buying price also fell to 88 million VND/tael.
Notably, SJC Company is currently listing the price of gold rings at the same level as the price of gold bars in both buying and selling directions. This is rare because previously, the price of SJC gold bars always maintained a very large difference with gold rings, at times the difference was up to 7 - 10 million VND/tael.
Domestic gold price equals world gold price
Although the price of SJC gold bars has dropped sharply, many people are still waiting to sell - Photo: THANH HIEP
At Bao Tin Minh Chau Company, the price of 9999 gold rings also plummeted from VND93.05 million/tael to VND90.45 million/tael at the end of the day. The buying price also decreased from VND89.1 million/tael to VND88.4 million/tael.
At Mi Hong gold shop, at the end of today, the selling price of SJC gold bars was only 89.8 million VND/tael, buying price was 88.1 million VND/tael.
Thus, compared to the converted world gold price, the domestic gold price is only 710,000 VND/tael higher. This is a record low difference in many years.
Compared with the selling price at Mi Hong gold shop, the domestic gold price has returned to the same level as the world gold price.
According to records this afternoon, after the gold price increased dramatically to over 93 million VND/tael and showed signs of adjustment, some people sold to take profits.
Few people dare to risk buying gold this afternoon - Photo: THANH HIEP
At SJC Company, although the gold price dropped to 90.5 million VND/tael this afternoon, there are still some people waiting to sell.
Meanwhile, on the other hand, very few people dare to "catch a falling knife" because they fear that gold prices may fall further.
At Mi Hong gold shop, some people come to buy or exchange jewelry, while others want to buy gold rings.
According to experts' forecasts, world gold prices are likely to adjust more strongly, especially after US Federal Reserve Chairman Jerome Powell testifies before the US Congress tonight.
Please follow the domestic gold price developments here.
Below are some images of the market on the day when domestic and world gold prices set all-time records and then fell sharply:
Gold shops on Le Thanh Ton Street, District 1 this afternoon still have more sellers than buyers - Photo: THANH HIEP
At Mi Hong gold shop, some people come to buy gold rings - Photo: THANH HIEP
There are cases where people come to exchange jewelry - Photo: THANH HIEP
Source: https://tuoitre.vn/ngay-la-cua-vang-gia-trong-nuoc-ngang-gia-the-gioi-gia-vang-nhan-ngang-vang-mieng-20250211204556499.htm
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