World gold prices have dropped sharply in recent days - Screenshot
Why did the world gold price drop sharply?
World gold prices have fallen for three consecutive days, although analysts say there is no specific reason other than technical factors.
From 4,380 USD/ounce in the first session of the week, world gold price fell sharply to near 4,100 USD/ounce in the sharpest decline in many years.
Last night, the world gold price dropped by nearly 100 USD/ounce and fell close to 4,000 USD/ounce. By noon today, October 23, the world gold price had recovered to 4,083 USD/ounce.
Converted according to the listed exchange rate at the bank, the world gold price is equivalent to 129.7 million VND/tael.
Compared to the peak of 4,380 USD/ounce in the first session of the week, the world gold price has decreased by nearly 300 USD/ounce, equivalent to nearly 6.8% in just a few days.
Due to the sharp decline, in recent days investors have been continuously looking for the reason why gold prices have dropped so sharply?
According to analysts, apart from profit-taking pressure, there was no macroeconomic or geopolitical event that caused such a strong sell-off in gold this week. The world's largest gold ETF, SPDR Gold Trust, also sold a net 6.3 tons of gold in the session on Wednesday, reducing its holdings to 1,052.4 tons of gold.
Despite the sharp decline, gold prices are still up nearly 60% year to date, and nearly 5% this month. According to UBS, the fundamentals that drove gold to record highs this year remain intact, including inflation risks, tariffs, concerns about the independence of the US Federal Reserve (Fed), and geopolitical instability.
In the immediate future, investors are watching the upcoming summit between US President Donald Trump and Chinese President Xi Jinping in South Korea. The outcome of the meeting is also one of the factors affecting the movement of gold prices.
Domestic gold price difference at record high
Due to a slower decrease, the current price of SJC gold bars is 18.9 million VND/tael higher than the world gold price - Photo: THANH HIEP
Today, the selling price of SJC gold bars at Saigon Jewelry Company (SJC) remained at 148.6 million VND/tael, buying at 146.6 million VND/tael.
Meanwhile, the selling price of 9999 gold ring is 147.9 million VND/tael, buying price is 145.4 million VND/tael.
Thus, currently the price of 9999 gold rings is only 700,000 VND/tael lower than the price of SJC gold bars.
Due to the large price fluctuation, gold companies have now widened the difference between buying and selling prices to 2 million VND/tael for gold bars, and 2.4 million VND/tael for gold rings.
Previously, the difference was shortened to only about 1 million VND/tael.
Notably, due to a slower decrease, the current price of SJC gold bars is 18.9 million VND/tael higher than the world gold price, while the price of gold rings is 18.2 million VND/tael higher.
This is also a near-record difference. In recent times, due to supply not meeting demand, domestic gold prices have often increased faster and decreased slower than world gold prices.
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Source: https://tuoitre.vn/gia-vang-mieng-sjc-cao-hon-gia-vang-the-gioi-gan-19-trieu-dong-luong-20251023114125555.htm
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