SJC gold price continues to fall as world gold price plunges

2 min read

Surveyed in the early hours of this morning (November 23), the price of SJC gold bars at Saigon Jewelry Company Limited (SJC) is at the threshold of 58.85 – 59.7 million VND/tael, down another 150 thousand VND/tael in the buying afternoon and VND 200,000/tael in the selling afternoon compared to the survey price yesterday morning. The difference between the buying and selling prices is at 850,000 VND/tael.

Meanwhile, the retail price of Doji gold in Hanoi also decreased by 200,000 VND/tael in both buying and selling directions, being listed at 58.7-59.6 million VND/tael. The price difference between buying and selling is at 900 thousand VND/tael.

This is the fourth consecutive decline in domestic gold prices. Compared to the peak of more than 62 million dong/tael set in the middle of last week, each tael of SJC gold has decreased by more than 2.3 million dong/tael.

Chart: Kitco

Meanwhile, on the world market, the spot gold price on Kitco is at 1,807.8 USD/ounce, down sharply by 37.2 USD/ounce, equivalent to 2.01% compared to the last session.

Converted according to the exchange rate at Vietcombank, the world gold price is being traded at 49.6 million VND/quantity, lower than the domestic gold price of about 10.1 million VND/quantity, expanding by 800 thousand VND/quantity compared to the gap of 9.3 million VND in the previous session.

Gold prices in the international market continued to decline amid a strong dollar and strong profit-taking pressure after gold reached a 15-month high. Besides, the price of gold fell because the commodity closely related to gold, oil, fell sharply.

The gold market is currently facing profit-taking pressure from many investors after rising sharply in the first two weeks of November due to fears of rising global inflation.

According to experts, the gold price is likely to fluctuate in the range of $1,835/ounce  to $1,880/ounce in the short term. But in the long-term, the metal is likely to see lower buying demand and if gold prices break through $1,880 an ounce and possibly rally to $1,920 an ounce.

Source: bizlive.vn – Translated by fintel.vn