Gold price drops sharply like never before

This morning (November 10), the domestic gold market ended a week of unprecedented decline. The price of SJC gold and gold rings both returned to around 85 million VND/tael.

1 week of strong fluctuations

Large gold trading enterprises such as Saigon Jewelry Company, Bao Tin Minh Chau, Doji ... list prices SJC gold bars at 85.8 million VND/tael sold.

The amount of SJC gold bars purchased by businesses varies from 200,000 - 500,000 VND/tael.

After 1 week, gold price The price of gold decreased by 3.8 million VND/tael. The difference between buying and selling prices of enterprises adjusted after 1 week from 2 million VND/tael to nearly 4 million VND/tael.

Price gold ring also dropped sharply after 1 week, nearly 4 million VND/tael to 85 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 83.32 - 85.12 million VND/tael; Doji Group listed the price of gold rings at 83.35 - 85.15 million VND/tael.

So, domestic gold price have 1 week plummeted the most since the beginning of May.

This morning, gold price world listed at 2,684 USD/ounce. This is also the sharpest decrease since May. World gold price The decrease dragged down the domestic gold price, but the domestic decrease was stronger.

Gold Price Forecast

Talk to PV Tien Phong , Mr. Nguyen Tri Hieu - economic expert - said, when the world's economic and political situation fluctuates, most people choose gold as a safe investment channel for their assets. At this time, when he Trump When Mr. Trump takes power, investors will have other better investment areas such as stocks, real estate... That is the reason why the world gold price has dropped sharply in recent days.

SJC gold bar price dropped sharply by nearly 4 million VND/tael after 1 week (photo: Nhu Y).

According to Mr. Hieu, in Vietnam, the gold price is completely affected by the world gold price. However, although the gold price is low, the supply-demand balance of the gold market is still out of phase. The gold market is still experiencing a shortage of gold rings and gold bars. At gold shops, stores are all reported to be out of stock or can only be purchased in small quantities.

"The main reason is the lack of supply. According to Decree 24, currently Bank The State is still the only place that imports gold and in recent years, this unit has not imported gold anymore, so there is no source of gold to supply the market. In particular, gold smuggling activities are also strictly controlled...", Mr. Hieu said and said. Most investors still think that the gold price is only temporarily decreasing and will bounce back.

"I also think that could happen. That's because we currently don't know where the domestic gold price will go. Only when the balance supply - demand meet, then the market gold price can be called stable", Mr. Hieu commented.

Mr. Hieu predicted that the election story has been settled while the world situation still has many hot spots, including issues of war, geopolitics... will continue to be the reason why gold prices can fluctuate unpredictably in the coming time. For example, if war happens, gold will return to the attention of investors. This will be even clearer in a few days - the time when Mr. Trump speaks about whether to officially end military aid to Ukraine or not...

"I think that in the long term, the world gold price will continue to increase in 2025 and is likely to set a record of 3,000 USD/ounce. At that time, the domestic gold price will increase sharply if the market has not changed in supply," said Mr. Hieu.

In the currency market, the State Bank listed exchange rate Center 24,278 VND/USD, up 8 VND/USD compared to yesterday morning.

Commercial banks listed USD price at 25,167 - 25,497 VND/USD buy - sell

Source