Gold bar prices suddenly plummeted

The selling price of SJC gold bars has fallen below the 124 million VND/tael mark. Photo: The Bang.

Opening the trading session this morning (August 11), the domestic gold price suddenly "turned around" and dropped sharply, in which the price of gold bars officially lost the 124 million VND/tael mark. Meanwhile, the price of 9999 gold rings also decreased simultaneously at most large enterprises.

Specifically, Saigon Jewelry Company (SJC) this morning listed the price of gold bars at 122.7 - 123.9 million VND/tael (buy - sell), down 500,000 VND in both directions compared to the closing price at the end of last week.

This is the first decline in gold bars after a series of consecutive peaks last week. Accordingly, gold bars reached peaks twice on August 7 at 124.1 million VND/tael and on August 8 at 124.4 million VND/tael. After that, the price of gold bars did not weaken but remained unchanged until today's decline.

The price of 9999 gold rings of 1-5 chi at SJC also decreased by 400,000 VND/tael this morning, down to 116.9 - 119.4 million VND/tael (buy - sell).

The downward trend not only occurred at SJC but was also recorded simultaneously at other large enterprises such as Phu Nhuan Jewelry Joint Stock Company (PNJ), DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai, Mi Hong Company...

Accordingly, the selling price of gold bars at these brands all fell from the historical mark of 124 million VND/tael, and the common buying price was around 123 million VND/tael.

Not only gold bars, but also gold ring prices at major systems this morning also decreased by 400,000-500,000 VND/tael depending on the business. After adjustment, the buying price of gold rings is generally around 116.7-117.3 million VND/tael, while the selling price fluctuates around 119.5-120.3 million VND/tael.

The decline in domestic gold prices occurred in the context of a significant weakening in world gold prices. Currently, the spot gold price in the international market has fallen to the 3,670 USD /ounce, down nearly 30 USD (-1%) compared to the previous session.

Converted at the bank exchange rate (excluding taxes and fees), the world gold price is equivalent to about 117 million VND/tael, which is nearly 7 million VND/tael lower than domestic SJC gold bars and about 3 million VND/tael lower than 9999 gold rings.

Gold prices fell against the forecast of analysts and investors who expected the precious metal to continue to rise this week. According to experts, the main reason for this decline is profit-taking at high prices.

This week, the market is waiting for a lot of economic information such as the meeting to announce the Australian interest rate decision; the US consumer price index (CPI) report for July; the US producer price index... This information will all affect the movement of gold prices.

Source: https://baoquangninh.vn/gia-vang-mieng-bat-ngo-lao-doc-3371030.html