After a shocking drop, today's gold price increased by 1 million VND/tael
Báo Dân trí•08/11/2024
(Dan Tri) - After decreasing by 6 million VND/tael in the buying session on November 7, by November 8, the gold price today increased by 1 million VND, at 82-86.5 million VND/tael for gold bars and 82-84.8 million VND/tael for gold rings.
After decreasing by 6 million VND/tael, gold price increased. Opening the morning session on November 8, SJC gold bar price was listed by large enterprises at 82-86.5 million VND/tael (buy - sell), an increase of 1 million VND in both buying and selling prices compared to the closing session on November 7. However, the difference between buying and selling prices remained high at over 4.5 million VND. Plain round gold rings were listed at 82-84.8 million VND/tael (buy - sell), an increase of 1 million VND in both prices compared to the closing session on November 7. Previously, at the end of the trading session on November 7, SJC gold bar price was listed by "gold shops" at 81-85.5 million VND/tael (buy - sell), a decrease of 6 million VND/tael in buying prices and 3.5 million VND/tael in selling prices compared to the closing session on November 6. As for gold rings, in just one session, the price was adjusted 20 times by large enterprises, dropping deeply to the price range of 81-83.8 million VND/tael (buy - sell). Thus, compared to the end of the session on November 6, each tael of gold rings decreased by 4.1 million VND for selling and 5.4 million VND for buying. According to personal financial investment expert Le Xuan Huy, the sharp drop in domestic gold prices comes from the plunge in world gold prices after the US presidential election. Investors expect that after Donald Trump is re-elected as President, the US economy will grow, accompanied by a strong increase in the USD. Therefore, investors tend to take profits from gold because the price has increased sharply in the past time to switch to holding USD, causing gold prices to adjust. This expert said that the sharp increase in domestic gold prices between the two buying and selling directions is due to the strong fluctuations in gold prices during the day, increasing the risk of buying and selling gold at gold shops. This is a phenomenon that has occurred frequently in the past whenever gold prices fluctuated strongly during the day. The world gold price early this morning (Vietnam time) was around 2,706 USD/ounce, up nearly 40 USD compared to before. The price of precious metals quickly regained the mark of over 2,700 USD/ounce after a "free fall" in yesterday's session. In the previous session, the price of precious metals fell deeply to 2,647 USD/ounce, down nearly 4.5% compared to a week earlier. However, compared to the beginning of the year, the price of gold still recorded an increase of more than 29%. Currently, converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 81.8 million VND/tael, 2.4-3 million VND cheaper than the domestic price, depending on the time. The world gold price increased by more than 1% in the session thanks to the support of the depreciation of the USD. Meanwhile, the US Federal Reserve (Fed) cut interest rates by another 0.25 percentage points as predicted. Accordingly, all members of the Federal Open Market Committee (FOMC) supported the plan to reduce interest rates by 25 basis points to 4.5-4.75%. The result was in line with market expectations and slower than the Fed's rate cut in mid-September.
SJC gold bar purchasing price decreased by 6 million VND/tael in the session of November 7 (Photo: Manh Quan).
At a press conference after the meeting, Fed Chairman Jerome Powell declined to comment on the new administration. According to him, it is too early to assess the future economic policy that the Trump administration will implement. In this meeting, the US Central Bank continued to express optimism about the economy. The FOMC said the US economy is still expanding at a "steady pace" although the labor market has "cooled down" compared to the beginning of this year. The free USD unexpectedly increased sharply. The USD-Index (DXY) - a measure of the strength of the greenback against a basket of major currencies - reached 104.85 points, down 0.22% compared to the previous one. The State Bank of Vietnam listed the central exchange rate at 24,278 VND this morning, down VND compared to the previous one. With a margin of 5% compared to the central exchange rate, banks are allowed to buy and sell USD in the price range of 23,063-25,491 VND. Major banks buy and sell USD at 25,161-25,491 VND (buy - sell). Joint stock banks allow USD transactions at 25,130-25,487 VND. In the free market, the greenback is traded at 25,745-25,845 VND (buy - sell), up 145 VND in both directions.
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