(NLDO) - World gold prices "turned around" and increased at the end of the day while the prices of SJC gold bars and gold rings continued to plummet.
On the evening of November 7, Vietnam time, the world gold price was traded at 2,667 USD/ounce, up about 20 USD/ounce compared to the morning. The precious metal on the international market recovered after plunging nearly 100 USD/ounce in just one session, when the US presidential election results were announced with the victory of Mr. Donald Trump.
The USD index in the international market also cooled down 0.6% from the peak of 105.2 points in the previous session, down to 104.6 points at present.
According to analysts, the downward adjustment of gold prices after the US presidential election results is a common trend in recent elections, with the decrease ranging from about 100-200 USD, even 250 USD/ounce for many months. The increase in gold prices will occur, but in a short-term downward trend.
Notably, in contrast to the recovery of world gold prices today, the domestic gold market witnessed price chaos, when both SJC gold bar and 99.99 gold ring prices plummeted.
At the end of the day, the price of SJC gold bars listed by SJC Company was only 81 million VND/tael for buying and 85.5 million VND/tael for selling, "evaporating" 6 million VND/tael for buying and 4.5 million VND/tael for selling. This is a shocking decrease in the price of gold bars in recent times.
The price of gold rings purchased by a gold shop in Ho Chi Minh City is only 80.5 million VND/tael.
Some other gold companies such as Mi Hong have reduced the buying price of gold bars to only 79.5 million VND/tael, and the selling price to 82 million VND/tael. There is a large difference in the price of gold bars between businesses. At the same time, the difference in buying and selling prices has also been pushed up to 4.5 million VND/tael by businesses, which is a risky level for those who buy or sell gold at this time.
On the free market, tonight some gold shops announced the buying price of SJC gold bars at 83 million VND/tael, the selling price at 84 million VND/tael; while many investors said that many gold shops stopped buying SJC gold bars or listed the buying price at only 78 million VND/tael, the selling price at 83.5 million VND/tael. The difference between buying and selling prices is up to 5.5 million VND/tael, a record level in recent times.
Similarly, the price of 99.99 gold rings also had a day of turmoil when it plummeted. SJC Company reduced the price of plain gold rings to only 81 million VND/tael for buying, 83.8 million VND/tael for selling, the biggest decrease was up to 5.7 million VND/tael for buying.
A resident brought gold rings to sell but the gold shop did not buy them. Photo: Le Tinh
Some other gold brands such as PNJ, DOJI , Bao Tin Minh Chau also sharply reduced the buying and selling prices of gold rings. The shocking reductions in domestic gold prices were adjusted by businesses in the context of people's sudden increase in gold demand, this situation occurred in both Ho Chi Minh City, Hanoi and some provinces.
Tonight, some gold shops bought plain gold rings for only 81 million VND/tael, and sold them for 82.5 million VND/tael. Compared to the peak price of gold rings last week, each tael of gold has "evaporated" 7 - 8 million VND/tael. Many investors who "jumped" at the peak price of gold at 88 - 90 million VND/tael are now suffering heavy losses if they sell.
Speaking to a reporter from Nguoi Lao Dong Newspaper at the end of the day, gold expert Tran Duy Phuong said the pressure to sell off domestic gold prices occurred despite the world gold price starting to stabilize after falling about 100 USD/ounce in the previous session, November 6.
However, he advised people to stay calm and avoid selling SJC gold or gold rings in "panic" because the world gold price is expected to adjust in the short term; it still has prospects in the medium and long term.
"The situation of people rushing to buy when the price is sky high at 90 million VND/tael and rushing to sell when the price drops to 5-6 million VND/tael will put people at risk of losses," said Mr. Phuong.
Source: https://nld.com.vn/toi-7-11-nguoc-dong-the-gioi-gia-vang-mieng-va-vang-nhan-boc-hoi-6-trieu-dong-196241107195714823.htm
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