(Dan Tri) – After decreasing by 6 million VND/tael in the buying session on November 7, by November 11, the gold price today increased by 8 million VND, at 11-1 million VND/tael for gold bars and 82-86,5 million VND/tael for gold rings.
After decreasing by 6 million VND/tael, gold price increased again
Opening the morning session on November 8, the price of SJC gold bars was listed by large enterprises at 11-82 million VND/tael (buy - sell), an increase of 86,5 million VND in both buying and selling directions compared to the closing session on November 1. However, the difference between buying and selling prices remained high at over 2 million VND.
Plain round gold rings are listed at 82-84,8 million VND/tael (buy - sell), up 1 million VND in both directions compared to the previous session's close.
Previously, at the end of the trading session on November 7, the price of SJC gold bars was listed by gold shops at 11-81 million VND/tael (buy - sell), down 85,5 million VND/tael for buying and 6 million VND/tael for selling compared to the session on November 3,5.
As for gold rings, in just one session, the price was adjusted 20 times by large enterprises, dropping sharply to the price range of 81-83,8 million VND/tael (buy - sell). Thus, compared to the end of the session on November 6, each tael of gold rings decreased by 11 million VND for selling and 4,1 million VND for buying.
According to personal financial investment expert Le Xuan Huy, the sharp drop in domestic gold prices comes from the fact that gold prices world plunged after the US presidential election.
Investors expect that after Donald Trump is re-elected as President, the US economy will grow, accompanied by a strong increase in the value of the USD. Therefore, investors tend to take profits from gold because the price has increased sharply in recent times to switch to holding USD, causing the price of gold to tend to adjust.
This expert said that the sharp increase in the difference between the buying and selling prices in the domestic gold market is due to the strong fluctuations in the gold price during the day, which increases the risk of buying and selling gold at gold shops. This phenomenon has occurred frequently in the past whenever the gold price fluctuated strongly during the day.
The world gold price this morning (Vietnam time) was around 2.706 USD/ounce, up nearly 40 USD compared to before. The price of the precious metal quickly regained the mark above 2.700 USD/ounce after "free fall" in yesterday's session.
In the previous session, the price of the precious metal fell to $2.647/ounce, down nearly 4,5% compared to a week earlier. However, compared to the beginning of the year, the price of gold still recorded an increase of more than 29%.
Currently, converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 81,8 million VND/tael, 2,4-3 million VND cheaper than the domestic price, depending on the time.
World gold prices rose more than 1% during the session, supported by the depreciation of the USD. Meanwhile, the US Federal Reserve (Fed) cut interest rates by another 0,25 percentage points as expected.
Accordingly, all members of the Federal Open Market Committee (FOMC) supported the option of cutting the interest rate by 25 basis points to 4,5-4,75%. The above result is consistent with the market's assessment and slower than the reduction implemented by the Fed in mid-September.
SJC gold bar purchase price decreased by 6 million VND/tael in the session on November 7 (Photo: Manh Quan).
In a press conference after the meeting, Fed Chairman Jerome Powell declined to comment on the new administration, saying it was too early to judge the future economic policy of the Trump administration.
During this meeting, the US Central Bank continued to express optimism about the economy. The FOMC said the US economy is still expanding at a “steady pace” despite the labor market “cooling down” compared to the beginning of the year.
Free USD suddenly increased in price
The USD-Index (DXY) – a measure of the greenback's strength against a basket of major currencies – was at 104,85, down 0,22% from the previous day.
The State Bank of Vietnam this morning listed the central exchange rate at 24.278 VND, down from the previous level. With a 5% margin compared to the central exchange rate, banks are allowed to buy and sell USD in the price range of 23.063-25.491 VND.
Large banks buy and sell USD at 25.161-25.491 VND (buy - sell). Joint stock banks allow USD transactions at 25.130-25.487 VND.
In the free market, the greenback was traded at 25.745-25.845 VND (buy - sell), up 145 VND in both directions.
Dantri.com.vn
Source: https://dantri.com.vn/kinh-doanh/sau-ngay-giam-soc-gia-vang-hom-nay-tang-1-trieu-dongluong-20241108070422208.htm
