Other gold businesses also made significant downward adjustments, bringing the SJC gold price down to 119.2 million VND per tael.
Ring gold prices also decreased. Specifically, Phu Quy Gold and Silver Jewelery Group listed ring gold prices at 113 – 116 million VND per tael, a decrease of 2 million VND per tael compared to yesterday. Bao Tin Minh Chau Jewelry Company listed ring gold prices at 115 – 118 million VND per tael, down 2 million VND. Saigon Jewelry Company listed ring gold prices at 112.5 – 115 million VND per tael.
As gold prices dropped sharply, jewelry shops widened the buy-sell spread for ring gold to 2.5 – 3 million VND per tael.
Domestic gold prices fell sharply as world gold prices plunged to the 3,239 USD/ounce mark, down 86 USD/ounce from yesterday. World gold prices are equivalent to 103 million VND per tael. Thus, SJC gold bar prices are still higher than world gold prices by about 16 million VND per tael.
Despite the sharp decline, SJC gold bar prices remain higher than world prices by about 16 million VND per tael.
Many experts believe that world gold prices will continue to fall this month, then stabilize and rise again next month. Gold prices are still expected to reach a peak of 4,000 USD/ounce this year. Accordingly, domestic gold prices will surge again after this downward trend.
In the currency market, this morning, the State Bank of Vietnam set the central exchange rate at 24,945 VND/USD, down 6 VND from yesterday.
Vietcombank listed USD prices at 25,750 – 26,140 VND/USD (buying – selling). At BIDV, USD was traded at around 25,800 – 26,160 VND/USD.
In the free market, USD prices were listed at around 26,380 – 26,500 VND/USD.
The Golden Opportunity: Unveiling the Sudden Drop in Gold Ring Prices on October 28th
The 99.99 gold ring price took a sharp downward turn by the end of the day, while several companies drove the buying price of SJC gold bars to a record high.
The Golden Stream: An Untapped Treasure Trove?
Although this site boasts an immense gold reserve, why has it been left untouched?
Is Buying Gold on the God of Wealth’s Day Necessary?
In Vietnamese folklore, purchasing gold on the 10th day of the Lunar New Year, known as the God of Wealth’s Day, is believed to bring good fortune for the entire year. But is there any truth to this, and is it really necessary?
