Gold rings 'evaporate' 350,000 VND, losing the 62 million mark

On the morning of December 9, the price of gold bars at Saigon Jewelry Company - SJC decreased by another 100,000 VND compared to yesterday, bringing the buying price down to 72.9 million VND/tael. In contrast, SJC increased by 100,000 VND in the selling price after one day, to 74.1 million VND. The difference between the buying and selling price of SJC gold bars increased to 1.2 million VND, 200,000 VND higher than yesterday.

In particular, the 4-number-9 gold ring was sharply reduced by 350,000 VND by SJC, bringing the buying price down to 60.6 million VND and the selling price down to 61.65 million VND. The difference in the buying and selling price of SJC gold rings continued to remain at 1.05 million VND per tael. The decline in gold rings followed the same world trend.

SJC gold ring price on the morning of December 9 decreased sharply

Gold fluctuations on December 8: Gold no longer has much momentum to increase in price?

The world gold price has fallen sharply, approaching the $2,000 threshold. At the end of the week, the precious metal was at $2,005.5/ounce, down $25 compared to yesterday. The precious metal plummeted and even fell below the $2,000/ounce mark at one point due to the increase in the US dollar and US bond yields after stronger-than-expected US employment data.

Specifically, the non-farm payroll report released by the US Department of Labor yesterday showed that the world's largest economy added 199,000 jobs in November. This figure was slightly higher than the 190,000 estimate of experts surveyed by Dow Jones as well as higher than the 150,000 increase recorded in October. Strong job growth has led some analysts to believe that the US Federal Reserve (Fed) will be slow to cut interest rates as expected.

Gold’s low close, down $150 from its all-time high earlier this week, has changed the narrative around the Fed meeting, said Tai Wong, an independent metals trader in New York. Still, traders are hoping for a friendly outcome from the upcoming Fed meeting that will prevent a deeper correction in gold.

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