Gold bar prices unexpectedly plummeted.

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

Opening the trading session this morning (August 11th), domestic gold prices unexpectedly reversed course and fell sharply, with the price of gold bars officially dropping below 124 million VND/ounce. Meanwhile, 9999 gold rings also saw a simultaneous price reduction at most major businesses.

Specifically, Saigon Jewelry Company (SJC) this morning listed the price of gold bars at 122.7 - 123.9 million VND/ounce (buying price - selling price), a decrease of 500,000 VND in both directions compared to the closing price of last weekend.

This marks the first decline in gold prices after a series of consecutive peaks last week. Gold prices had previously reached two peaks on August 7th at 124.1 million VND/ounce and on August 8th at 124.4 million VND/ounce. After that, gold prices remained stable until today's decline.

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

The downward trend is not only occurring at SJC but is also being observed 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, etc.

Accordingly, the selling price of gold bars at these brands has retreated from the historical mark of 124 million VND/ounce, and the common buying price is around 123 million VND/ounce.

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

The decline in domestic gold prices is occurring amidst a significant weakening of global gold prices. Currently, the spot gold price on the international market has retreated to a certain level. $3,670 per ounce, down nearly 30 USD (-1%) compared to the previous session.

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

Gold prices fell, contrary to analysts' and investors' predictions that the precious metal could 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 awaiting several economic data releases, such as Australia's interest rate decision meeting; the US Consumer Price Index (CPI) report for July; and the US Producer Price Index… All of this information will impact the price of gold.

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