Gold price drops sharply, gold bars evaporate 1 million VND/tael

The world gold price has evaporated nearly 60 USD/ounce, falling vertically from 2,650 USD/ounce to nearly 2,590 USD/ounce after the Fed chairman's statement.

Gold prices fall vertically - Screenshot

Gold prices fall on interest rate forecasts

After many days of waiting for news, at 2am this morning, December 19, the US Federal Reserve (Fed) announced a 0.25% interest rate cut as expected by the market.

In an economic forecast update released after the meeting, the Fed slightly raised its forecast for US economic growth in 2025 to 2.1%, with an unemployment rate of about 4.3%.

The forecast for average inflation by the end of 2025 was raised to 2.5%, from 2.1% given in September.

In addition, the Fed is expected to conduct only two interest rate cuts next year, bringing the benchmark interest rate to the range of 3.75 - 4% by the end of 2025.

In addition, Mr. Powell also affirmed that the FED has no intention of holding bitcoin. Previously, there was a debate about whether the administration of US President-elect Donald Trump would set up a bitcoin reserve fund.

However, at a press conference after the Federal Open Market Committee (FOMC) meeting, Fed Chairman Jerome Powell affirmed that the Fed is not allowed to hold bitcoin. Mr. Powell's statement then caused assets such as stocks, coins, and gold to adjust strongly.

By 11am this morning, the world gold price had increased again by 27 USD/ounce, to 2,611.7 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 80.34 million VND/tael.

SJC gold bar price decreased by 1 million VND/tael

Gold bar price evaporates 1 million VND/tael - Photo: THANH HIEP

Domestically, gold prices also plummeted this morning after three days of "inactivity".

SJC Company listed the selling price of SJC gold bars today at 84.1 million VND/tael, down 1 million VND/tael compared to yesterday. The buying price also decreased accordingly, to 82.1 million VND/tael.

Meanwhile, the price of 9999 gold rings also plummeted from 84.5 million VND/tael to 83.8 million VND/tael, equivalent to a decrease of 700,000 VND, while the buying price decreased by 900,000 VND/tael.

Several other gold trading businesses also simultaneously reduced the buying and selling prices of gold rings.

Bao Tin Minh Chau Company Limited reduced the selling price of gold rings from VND 85.03 million/tael to VND 84.03 million/tael, equivalent to a decrease of VND 1 million/tael, the buying price is at VND 82.83 million/tael, equivalent to a decrease of VND 900,000/tael.

DOJI Company listed the price of gold rings at 84.1 million VND/tael, down 600,000 VND/tael compared to last night, the buying price decreased 650,000 VND/tael, to 83.05 million VND/tael.

At the current price, the price of SJC gold bars is 3.76 million VND/tael higher than the world gold price, while the price of gold rings is 3.46 million VND/tael higher.

Source: https://tuoitre.vn/gia-vang-giam-manh-vang-mieng-boc-hoi-1-trieu-dong-luong-20241219112118263.htm