World gold prices plummeted as if spooked by a Halloween ghost.

After several days of rapid increases, world gold prices reversed course and fell by $54 per ounce this evening, October 31st.

Gold prices unexpectedly dropped sharply tonight - Screenshot

Gold prices plummeted sharply after nearly reaching the $2,800/ounce mark.

The aforementioned drop in gold prices is equivalent to 1.66 million VND per tael.

At 10:30 PM tonight, the world gold price was only $2,733.6 per ounce. Converted using the exchange rate listed at banks, this is equivalent to approximately 83.88 million VND per tael (unit of weight for gold).

Global gold prices fell due to profit-taking pressure after gold prices had been rising continuously for several days.

In addition, some recently released information is also putting pressure on gold prices.

Over the past 22 days, the price of gold has increased by a total of $177 per ounce, from $2,610 per ounce to a peak of $2,787 per ounce before plummeting sharply tonight. This increase is equivalent to 5.43 million VND per tael (approximately 37.75 grams).

In recent days, world gold prices have also continuously set records, pushing the price of SJC gold bars back to the 90 million VND/ounce mark. The price of 9999 gold rings is also approaching the 90 million VND/ounce mark.

Today, SJC Company and the banks in the Big4 group listed the selling price of gold bars at 90 million VND/ounce.

The buying price at SJC Company reached 88 million VND per tael.

Meanwhile, the selling price of 9999 SJC brand gold rings at SJC Company reached 89.2 million VND/ounce, an increase of 200,000 VND/ounce compared to yesterday. The buying price was 87.7 million VND/ounce.

At Bao Tin Minh Chau Company, the selling price of gold rings surged to 89.63 million VND/ounce, while the buying price was 88.63 million VND/ounce. The difference between the buying and selling price was 1 million VND/ounce.

Similarly, DOJI Company also increased the selling price of 9999 gold rings to 89.65 million VND. The buying price is 88.65 million VND/ounce.

Thus, in recent days, the price of 9999 gold rings has been closely chasing and following the price of SJC gold bars.

Compared to the converted world gold price, the domestic gold price is currently 6.12 million VND/ounce higher. This difference is trending upwards due to the sharp decline in world gold prices.

It is predicted that if world gold prices continue to plummet sharply, domestic gold prices will also fall tomorrow morning.

However, even with the drop in gold prices, buying gold remains very difficult, especially gold rings, due to the scarcity of supply on the market. Meanwhile, if you want to buy SJC gold bars, you have to order them online, but even that is difficult to obtain due to limited quantities.

Gold prices have risen sharply this year, the highest in 45 years.

Since the beginning of this year, the price of gold has increased by more than 35%. 2024 is also the year with the strongest increase in gold prices since 1979. - Photo: NGOC PHUONG

According to analysts, gold prices are expected to remain unpredictable ahead of the US presidential election. In recent days, bets on Donald Trump winning the upcoming US presidential election have increased significantly. This has also been reflected in gold prices in recent days.

Many investors, driven by the fear of missing out (FOMO) during this gold rush, jumped in, pushing gold prices close to $2,800 per ounce, despite high US Treasury yields and a strong USD exchange rate.

Although world gold prices plummeted tonight, analysts believe there are still factors driving up gold prices, such as the upcoming US presidential election, the Federal Reserve's imminent further interest rate cuts, and the ongoing conflict between Russia and Ukraine.

Experts also predict that after this correction, the price of gold is likely to regain its upward momentum, possibly even reaching $2,850 per ounce.

According to a report by the World Gold Council (WGC), global gold demand reached a record high in the third quarter of this year, primarily driven by investor demand. The WGC suggests that professional and institutional investors appear to be experiencing FOMO (fear of missing out).

Since the beginning of this year, the price of gold has increased by more than 35%. 2024 is also the year with the strongest increase in gold prices since 1979.

Please see the latest updates on domestic gold prices HERE.

Source: https://tuoitre.vn/gia-vang-the-gioi-roi-thang-dung-nhu-bi-nhat-ma-ngay-halloween-20241031224145118.htm