World gold price is only equivalent to 78.7 million/tael, has it hit bottom?

The world gold price tonight, November 14, dropped rapidly to 2,559.3 USD/ounce. Thus, the world gold price has evaporated 227.8 USD/ounce compared to the peak.

World and domestic gold prices have both decreased over the past week - Photo: THANH HIEP

The above decrease in gold price is equivalent to 7 million VND/tael. This is a record decrease within a week.

Converted according to the listed exchange rate at the bank, the world gold price is equivalent to 78.7 million VND/tael.

SJC gold bar price evaporated 6.5 million VND/tael

Domestic gold prices also fell following the decline in world gold prices.

The selling price of SJC gold bars at the end of today listed at SJC Company and 4 banks was 83.5 million VND/tael, down half a million VND/tael compared to yesterday. The buying price at SJC Company also decreased accordingly, at 80 million VND/tael.

The selling price of 9999 gold rings at SJC Company decreased by 700,000 VND/tael, to 81.7 million VND/tael. The buying price of 9999 gold rings is 79 million VND/tael.

Thus, the price of SJC gold bars has evaporated to 6.5 million VND/tael in selling price within just 1 week, while 9999 gold rings have decreased to 7.3 million VND/tael.

At the current buying price, if someone bought gold bars at the peak a week ago, if they sold them now, they would lose 10 million VND/tael, while if they bought 9999 gold rings, they would lose 9.8 million VND/tael.

The purchase price is falling rapidly.

The difference between buying and selling prices of gold is still quite large: 3.5 million VND/tael for SJC gold bars and 2.7 million VND/tael for gold rings. Meanwhile, some other gold companies also maintain a difference of nearly 3 million VND/tael because the current price is quite risky.

At Bao Tin Minh Chau Company, the selling price of gold rings at the end of today decreased by 2.71 million VND/tael, to 82.22 million VND/tael. The buying price also decreased rapidly to 80.12 million VND/tael.

DOJI Company also reduced the selling price of 9999 gold rings to 82.1 VND/tael, down 1.1 million VND/tael compared to yesterday, the buying price dropped rapidly from 80.5 million VND/tael to 79.8 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 4.8 million VND/tael higher, while the price of gold rings is 3 million VND/tael higher.

After the world gold price dropped sharply in the past week, bringing the domestic gold price to its lowest level in many weeks. Many people are asking whether they should buy gold now?

According to Tuoi Tre Online , on some gold forums, some analysts say it is time to buy gold rings and gold bars.

However, some opinions say that further observation is still needed to avoid further gold price adjustments in the coming days.

Source: https://tuoitre.vn/gia-vang-the-gioi-chi-con-tuong-duong-78-7-trieu-luong-lieu-da-cham-day-20241114221121768.htm