Gold price today 4 - 8: Market trends and unexpected sharp drops

(NLDO) – Gold prices today suddenly dropped sharply on the international market, contrary to previous forecasts of many experts.

Gold price today goes down

On the morning of August 4, the price of gold bars listed by SJC Gold Company was 121.7 million VND per tael for buying and 123.3 million VND per tael for selling, down 200,000 VND per tael compared to the weekend.

Similarly, the price of 99.99% gold rings and jewelry gold also dropped to 116.3 million VND/tael for buying and 118.9 million VND/tael for selling, down 100,000 VND per tael.

Domestic gold prices cooled down after jumping at the weekend.

In the free market, both SJC gold bar and gold ring prices have had notable fluctuations. Some gold shops quoted SJC gold bar prices at 121.9 million VND/tael for buying and 122.9 million VND/tael for selling, which is only about 400,000 VND/tael lower than SJC gold bars at companies and commercial banks.

Gold prices today go down on the international market

Gold rings in store are lower than company prices

Meanwhile, the price of 99.99% gold rings at many stores is traded around 107.7 million VND/tael for buying and 108.5 million VND/tael for selling, tens of millions of VND/tael lower than the price of plain gold rings at major brands.

Explaining this, a gold expert said that the price of gold rings at small stores and companies fluctuates more closely with the world price, often differing from the world price by only 2-3 million VND/tael. Meanwhile, the price of SJC gold bars and plain gold rings at big brands is increasingly widening with the world price.

In the international market, the price of gold today plummeted as soon as trading opened. At 9:00 am, Vietnam time, the world gold price was trading at 3,351 USD/ounce, down 12 USD/ounce compared to the closing price at the end of the week.

Gold price today decreased again for SJC gold bars after soaring at the weekend

This development is contrary to the forecast of experts on the gold price trend this week of Kitco, when out of a total of 17 analysts on Wall Street participating in the survey, 94% of the opinions said that the gold price will continue to increase, no one said that the gold price will decrease and only the remaining 6% predicted that the gold price will go sideways.

Currently, converted according to the exchange rate at Vietcombank , world gold is priced at 106.5 million VND per tael, 16.8 million VND per tael lower than the price of SJC gold bars.

Source: https://nld.com.vn/gia-vang-hom-nay-4-8-vi-sao-vang-nhan-o-cua-hang-co-gia-re-bat-ngo-196250804090417217.htm