(NLDO) - The price of SJC gold bars decreased by 500,000 VND/tael following the downward trend of world gold prices.
At 8:00 p.m. on November 8, Vietnam time, the world gold price was trading at 2,691 USD/ounce, down about 15 USD/ounce compared to the morning. The gold price fell again after rising to nearly 2,710 USD/ounce at one point during the day. The price of this precious metal on the international market fluctuated strongly during the day, fluctuating with an amplitude of up to 50-60 USD/ounce.
Domestically, the price of SJC gold bars also decreased at the end of November 8. SJC Company listed the buying price of SJC gold bars at VND82 million/tael and the selling price at VND86 million/tael - a decrease of VND500,000 compared to the morning. The difference between the buying and selling prices narrowed to VND4 million/tael - still very high compared to previous days.
SJC gold bar price decreased by half a million VND/tael at the end of the day
99.99 gold rings and all kinds of gold jewelry were traded at around 82 million VND/tael for buying and 84.8 million VND/tael for selling - stable compared to the morning. Compared to the historical peak of 90 million VND/tael, the price of SJC gold bars and gold rings has "evaporated" millions of VND.
Those who bought SJC gold bars and gold rings at the price of 88-90 million VND/tael a few days ago, if they sell at this time, they may lose 6-8 million VND/tael.
According to analysts, gold prices fluctuated strongly in the context of the US Federal Reserve (FED) just deciding to cut the basic interest rate by 0.25 percentage points, bringing the US interest rate down to 4.5 - 4.75%. The FED's interest rate cut roadmap is expected to continue in the December 2024 and 2025 meetings. If interest rates decrease as expected, gold prices will benefit and soon recover.
The difference in buying and selling price of SJC gold bars has widened to 4 million VND/tael.
Analysts also believe that in the short term, the impact of the US presidential election will continue. In fact, after US presidential elections, gold prices often fall by about 100-200 USD/ounce, or even more.
In the long term, gold prices are still expected to continue to increase amid the ongoing Middle East conflict; central banks of countries continue to reduce interest rates and investors' need to diversify safe assets.
Currently, the world gold price converted according to the listed exchange rate is about 82.7 million VND/tael.
Source: https://nld.com.vn/toi-8-11-gia-vang-lai-bien-dong-manh-196241108201120728.htm
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