On the evening of November 8, gold prices fluctuated strongly again.

(NLDO) - The price of SJC gold bars decreased by 500,000 VND/tael following the downward trend of world gold prices.

At 8:00 p.m. on November 8, Vietnam time, the world gold price was trading at 2,691 USD/ounce, down about 15 USD/ounce compared to the morning. The gold price fell again after rising to nearly 2,710 USD/ounce at one point during the day. The price of this precious metal on the international market fluctuated strongly during the day, fluctuating with an amplitude of up to 50-60 USD/ounce.

Domestically, the price of SJC gold bars also decreased at the end of November 8. SJC Company listed the price of SJC gold bars at 82 million VND/tael for buying and 86 million VND/tael for selling - a decrease of 500,000 VND compared to the morning. The difference in buying and selling prices narrowed to 4 million VND/tael - still very high compared to previous days.

SJC gold bar price decreased by half a million VND/tael at the end of the day

99.99 gold rings and all kinds of jewelry gold were traded at around 82 million VND/tael for buying and 84.8 million VND/tael for selling - stable compared to the morning. Compared to the historical peak of 90 million VND/tael, the price of SJC gold bars and gold rings has "evaporated" millions of VND.

Those who bought SJC gold bars and gold rings at the price of 88-90 million VND/tael a few days ago, could lose 6-8 million VND/tael if they sell now.

According to analysts, gold prices fluctuated strongly in the context of the US Federal Reserve (FED) just deciding to cut the base interest rate by 0.25%, bringing the US interest rate down to 4.5 - 4.75%. The FED's interest rate cut roadmap is expected to continue in the December 2024 and 2025 meetings. If interest rates decrease as expected, gold prices will benefit and soon recover.

The difference in buying and selling prices of SJC gold bars has widened to 4 million VND/tael.

Analysts also believe that in the short term, the impact of the US presidential election will continue. In fact, after US presidential elections, gold prices often fall by about 100-200 USD/ounce, or even more.

In the long term, gold prices are still expected to continue to increase in the context of ongoing Middle East conflicts; central banks of countries continue to reduce interest rates and investors' need to diversify safe assets.

Currently, the world gold price converted according to the listed exchange rate is about 82.7 million VND/tael.

Source: https://nld.com.vn/toi-8-11-gia-vang-lai-bien-dong-manh-196241108201120728.htm