Gold price on November 26: Gold bars and gold rings both plummeted

DNVN - Following the downward trend of world gold prices, domestic SJC gold bar and gold ring prices on the morning of November 26 recorded a significant decrease.

At 8:55 a.m., the price of gold rings listed by DOJI Gold and Gemstone Group was at 83 - 84.7 million VND/tael, corresponding to a decrease of 2.6 million VND/tael for buying and 1.9 million VND/tael for selling compared to the previous closing price.

Illustration photo. Photo: Internet

At the same time, Saigon Jewelry Company (SJC) announced that the price of gold rings fluctuated from 82.7 - 84.7 million VND/tael (buy - sell), down 2.3 million VND/tael for buying and 1.8 million VND/tael for selling.

Not only gold rings, SJC gold bars were also adjusted down sharply. SJC Company announced the buying and selling prices at 82.8 million VND/tael and 85.3 million VND/tael respectively, down 1.8 million VND/tael and 1.3 million VND/tael respectively compared to yesterday's session.

DOJI Group also adjusted the price of SJC gold bars down to 82.8 - 85.3 million VND/tael (buy - sell), down 1.8 million VND/tael for buying and 1.3 million VND/tael for selling.

In the international market, gold prices fell sharply by more than 3% in the trading session on November 25, after a series of 5 consecutive sessions of increase reaching the highest level in nearly 3 weeks. This decline came from the news that Israel is about to reach a ceasefire agreement with Hezbollah, along with the decision to nominate Mr. Scott Bessent to the position of US Treasury Secretary by President-elect Donald Trump. These developments have reduced the appeal of gold as a safe haven asset.

At 2:01 a.m. on November 26 (Vietnam time), spot gold fell 3.4% to $2,619.66 an ounce, marking the biggest daily drop since June 7. US gold futures also fell 3.5% to $2,618.50 an ounce.

TD Securities expert Daniel Ghali said that after last week's rally, the gold market is entering a sell-off phase due to weakening buying power. Mr. Bessent's nomination as US Treasury Secretary has reduced financial risks. At the same time, the ceasefire agreement between Israel and Hezbollah has negatively impacted gold prices.

According to UBS analyst Giovanni Staunovo, "some investors believe Mr. Bessent is less inclined to push for trade war policies."

The precious metal hit its highest since November 6 in Asia on Friday, thanks to a nearly 6% gain last week, its biggest weekly gain since March 2023, amid escalating Russia-Ukraine tensions.

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-26-11-vang-mieng-vang-nhan-dong-loat-lao-doc/20241126094605572