SJC gold bar price decreased by half a million VND/tael

The world gold price plummeted, causing the price of SJC gold bars today, December 6, to decrease by 500,000 VND/tael. 9999 gold rings evaporated by 300,000 VND/tael.

Domestic gold prices fell sharply following the decline in world gold prices - Photo: THANH HIEP

Domestic gold prices decreased accordingly.

At 11:30 am today, the selling price of SJC gold bars was at 85 million VND/tael, while the buying price was at 82.5 million VND/tael.

The selling price of SJC brand 9999 gold rings is 84 million VND/tael. The buying price of gold is equal to the price of gold rings: 82.5 million VND/tael.

At Bao Tin Minh Chau Company, the selling price of gold rings today decreased by 300,000 VND/tael, to 84.08 million VND/tael. The buying price is 82.98 million VND/tael.

DOJI Company's 9999 gold ring price also decreased by 300,000 VND/tael in both buying and selling directions, to 84 million VND/tael (selling), buying at 83 million VND/tael.

Last night, the world gold price fell to 2,615 USD/ounce, before recovering to 2,641.6 USD/ounce this afternoon. The sharp decline in gold occurred in the context of the bitcoin price also surpassing the 100,000 USD mark for the first time, causing many investors to tend to transfer capital to this channel.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 81.1 million VND/tael.

Why did the gold price drop so much?

The sudden drop in world gold prices has caused panic among investors. On gold forums, investors are also asking about the reason for the sharp fall in gold prices.

According to expert Tran Duy Phuong, world gold prices have fallen sharply due to the run-up to the announcement of the non -agricultural payroll tonight.

Experts are now predicting that the non-farm payroll report will reveal that there were about 200,000 new jobs added in November in the US. This number is very important because it will affect the decision of the US Federal Reserve (Fed) to cut interest rates on December 18.

If the non-farm payroll report tonight is worse than expected, gold prices will immediately increase sharply again. On the contrary, if the news is good, gold will decline slightly to 2,600 USD/ounce, or even 2,580 USD/ounce.

The world gold price has now broken through 2,620 USD/ounce, so the chance of it falling to around 2,600 USD/ounce is very high.

The market is currently predicting the possibility that the Fed will cut interest rates by 0.25 percentage points at the upcoming meeting.

In addition, the Russia-Ukraine war has begun to show signs of peace negotiations, which has also affected the decline in world gold prices. In addition, there are also reasons related to gold consumption.

According to the latest data from Hong Kong (China) customs, China's gold imports through Hong Kong channel in October decreased by 4.6% compared to the previous month, but decreased by 43% compared to the same period last year.

In addition, in the last 5 sessions, the world's largest gold investment fund, SPDR Gold Trust, has sold about 7 tons of gold. Since the US presidential election, this fund has sold gold 4 times.

That is also one of the reasons why the world gold price recently could not increase as strongly as before the US presidential election.

Please read the updated domestic gold price developments HERE.

Source: https://tuoitre.vn/gia-vang-mieng-sjc-giam-nua-trieu-dong-luong-20241206121745727.htm