Gold prices increase and decrease erratically

This afternoon, October 24th, the selling price of 9999 gold rings returned to the 89 million VND/ounce mark after the strong recovery in world gold prices.

The price of gold rings is now equal to the price of gold bars, something that was previously very difficult to achieve - Photo: TT

At 4 PM this afternoon, the world gold price returned to the level of 2,738 USD/ounce. Converted according to the exchange rate listed at banks, the world gold price is equivalent to 84.09 million VND/ounce.

Gold ring prices remain stable at 89 million VND per tael.

The price of 9999 gold rings also continued its upward trend. This morning, DOJI reduced the selling price of gold rings to 88.95 million VND/ounce, but this afternoon it increased the selling price to 89 million VND/ounce. The buying price remained at 88 million VND/ounce.

Bao Tin Minh Chau company slightly reduced the selling price of gold rings from 89 million VND/ounce to 88.98 million VND/ounce. However, the difference between the buying and selling price remains very large, reaching 1.5 million VND/ounce.

Meanwhile, SJC Company maintained the selling price of 9999 gold rings at 88.5 million VND/ounce, and the buying price at 87 million VND/ounce.

In just the last two days, the selling price of 9999 gold rings at gold companies has increased by 2.4 - 2.5 million VND/ounce, following the upward trend of world gold prices.

Thus, after many days of chasing each other, the price of 9999 gold rings and the price of SJC gold bars have now narrowed the gap.

Gold prices have risen, but only those who bought and held gold beforehand benefited. In recent months, buying both gold rings and SJC gold bars has been very difficult, as gold bars must be ordered online in limited quantities.

The market has also been experiencing a shortage of gold rings for a long time, following authorities' crackdown on gold smuggling rings.

Previously, you could buy as many gold rings as you wanted, but in the last few months, it has become very difficult to buy them. Some brands require upfront payment and delivery later, while others limit purchases to a maximum of 2 taels (approximately 37.75 grams) per person.

Will the price of gold reach $2,800 per ounce this week?

Last night, world gold prices plummeted to $2,712.6 per ounce, pressured by the US dollar, bond yields, and profit-taking.

However, world gold prices subsequently recovered strongly, driven by risk-hedging demand amid prolonged geopolitical tensions in the Middle East and the upcoming US presidential election.

There are forecasts suggesting that gold prices could potentially reach $2,800 per ounce by the end of this week, driven by safe-haven demand. Additionally, news surrounding the upcoming US election is also a factor influencing gold prices.

Please read the updated domestic gold price developments HERE.

Source: https://tuoitre.vn/gia-vang-tang-giam-loan-xa-2024102416503952.htm