Gold price plummeted, after one week lost tens of millions of dong/tael

World gold prices have been steadily decreasing. By the end of today, November 12, world gold prices had broken through the threshold of 2,600 USD/ounce to 2,595.3 USD/ounce.

World gold price broke through the threshold of 2,600 USD/ounce at times - Screenshot

Gold price drops, "peaking" after a week of losing more than 9 million VND/tael

Compared to the peak of 2,787.1 USD/ounce, the world gold price has decreased by a total of 191.8 USD/ounce, equivalent to 5.89 million VND/tael in just a short time.

Converted according to the listed exchange rate at the bank, the world gold price is equivalent to 79.64 million VND/tael.

Domestically, the selling price of SJC gold bars at the end of today was 84 million VND/tael, buying price was 80.5 million VND/tael. The selling price of 9999 gold rings at SJC Company was 82.4 million VND/tael.

Thus, the price of SJC gold bars has evaporated to 6 million VND/tael in selling price within just 1 week, while 9999 gold rings have decreased to 6.6 million VND/tael.

The sharp drop in gold prices caused heavy losses for those who bought gold before the US presidential election results because the above decrease was only calculated on the selling side, while the decrease on the buying side was even stronger.

Currently, the listed price for buying SJC gold bars is only 80.5 million VND/tael, and the listed price for buying 9999 gold rings is only 79.9 million VND/tael.

Thus, if someone bought gold bars at the peak a week ago, if they sold them now, they would have lost 9.5 million VND/tael, while if they bought 9999 gold rings, they would have lost 9.1 million VND/tael.

High difference between buying and selling gold prices

The sharp drop in gold prices has caused heavy losses for those who bought gold a week ago - Photo: THANH HIEP

At SJC Company, the difference between buying and selling gold prices is still quite large: 3.5 million VND/tael for SJC gold bars and 2.5 million VND/tael for gold rings. Meanwhile, some other gold companies also maintain a difference of nearly 3 million VND/tael because the current price is quite risky.

At Bao Tin Minh Chau Company, the selling price of gold rings at the end of today decreased by 1.81 million VND/tael, from 84.93 million VND/tael to 83.12 million VND/tael. The buying price decreased to 80.52 million VND/tael.

DOJI Company also reduced the selling price of 9999 gold rings to 83.2 million VND/tael, down 1.75 million VND/tael compared to yesterday, the buying price dropped rapidly from 83.15 million VND/tael to 80.5 million VND/tael, equivalent to a decrease of 2.65 million VND/tael. This is a quite shocking decrease in recent times.

Compared to the converted world gold price, the price of SJC gold bars is 4.36 million VND/tael higher, while the price of gold rings is 2.76 million VND/tael higher.

At 8:30 p.m., world gold price recovered to 2,611.4 USD/ounce.

According to expert Tran Duy Phuong, the world gold price is adjusting after a period of overheating. On the other hand, the sharp decline in the world gold price has also been a rule in the last 5 US presidential elections.

However, according to Mr. Phuong, the world gold price is unlikely to fall further below the 2,500 USD/ounce range due to many supporting factors such as the US Federal Reserve (Fed) cutting interest rates, central banks of many countries entering a cycle of easing interest rates...

Source: https://tuoitre.vn/gia-vang-lao-doc-sau-mot-tuan-da-lo-hang-chuc-trieu-dong-luong-20241112204110232.htm