Gold ring price dropped shockingly by nearly 5 million VND/tael in just one morning

At 11am, Doji listed the price of gold rings at VND82-84 million/tael, down VND4.5 million/tael compared to the beginning of the hour. At SJC, the price of gold rings was at VND83-84.8 million/tael, down VND3.2 million/tael.

Meanwhile, the price of gold bars also decreased sharply, currently listed by Doji at 84 - 87 million VND/tael, down 3 million VND/tael for buying and 2 million VND for selling.

Gold bars at SJC are listed at 83 - 87 million VND/tael, down 4 million VND/tael for buying and 2 million VND for selling.

Thus, the price of gold bars has been widened by brands, the gap between buying and selling prices. Previously it was 2 million VND/tael, now it is 3 - 4 million VND/tael.

The price of gold rings is falling sharply. (Illustration: Minh Duc).

The price of gold rings has plummeted following the sharp decline in world gold prices. Today's world gold price is listed on Kitco at $2,662/ounce, down $40/ounce compared to early this morning.

Gold prices fell, pressured by a rally in the greenback after Donald Trump won the 2024 US presidential election. The dollar rose as traders bet that the prospect of higher tariffs under Trump could keep interest rates higher for longer, making bullion more expensive for buyers holding other currencies.

According to experts, gold prices can also suddenly decline after a "hot" increase. Gold prices have increased sharply in recent times due to the impact of many factors. In addition to geopolitical factors and concerns about economic recession, world gold prices are also greatly influenced by the buying demand of central banks around the world.

Domestically, people are also having difficulty finding safe and effective investment channels. Real estate requires large capital, from 4-5 billion VND or more; the stock market has not improved in terms of liquidity and trends; the bond market needs more time for investors to regain confidence; savings interest rates are stable but not attractive enough for those looking for high profits.

Therefore, gold has become an accessible and "affordable" investment channel for people with only a few million to a few hundred million VND, and this has significantly increased the demand for gold storage.

Despite the sharp increase in gold prices, the State Bank of Vietnam (SBV) has done a good job in macro management to keep domestic gold prices close to world gold prices, minimizing large price differences and speculation. This has helped the domestic gold market to be more stable than before, when the gap between domestic and world prices was very large, causing consequences such as speculation, excessive hoarding and gold smuggling.

Ngoc Vy

Source: https://vtcnews.vn/gia-vang-nhan-giam-soc-gan-5-trieu-dong-luong-chi-trong-buoi-sang-ar906066.html