Today, October 27, gold price changed twice in just one morning.
The domestic gold price on the morning of October 27 changed twice in just a few minutes, increasing or decreasing from 200,000 - 700,000 VND/tael, following the world gold price.
SJC gold and gold ring prices both decreased
On the morning of October 27, the domestic gold market opened in a state of sharp decline. In just the first few hours, many big brands such as SJC, ACB or Phu Quy continuously adjusted their selling prices down from 400,000 to 700,000 VND/tael.
At 9:00 a.m., Saigon Jewelry Company (SJC) and Phu Nhuan Jewelry Joint Stock Company (PNJ) updated their price lists twice in just a few minutes, a rare development.
The buying price of SJC gold bars decreased from 147.2 million VND to 146.9 million VND, then increased again to 147.4 million VND. The selling price decreased from 149.2 million VND to 148.9 million VND/tael. Thus, the buying price increased by 200,000 VND, while the selling price decreased by 300,000 VND compared to the beginning of the day.
At the same time, the buying price of SJC gold bars at Phu Quy decreased from 147.2 million VND to 146.9 million VND, then increased again to 147.4 million VND. The selling price decreased from 149.2 million VND to 148.9 million VND/tael. Thus, the buying price increased by 700,000 VND, while the selling price decreased by 300,000 VND compared to the beginning of the day.
At Mi Hong, SJC gold bars were bought and sold at 147.9 - 148.9 million VND/tael, an increase of about 600,000 VND in both directions compared to yesterday.
At Bao Tin Minh Chau, SJC gold bars and ACB gold bars were bought at 147.9 million VND and sold at 148.9 million VND/tael, a decrease of about 300,000 VND compared to yesterday.
At Asia Commercial Bank (ACB), SJC gold bars and ACB gold bars were bought at 147.2 million VND and sold at 149.2 million VND/tael, a decrease of about 300,000 VND compared to yesterday.
The price of 9999 gold rings also decreased similarly. SJC bought at 145.8 million VND/tael and sold at 148.4 million VND; while Phu Quy bought at 145.9 million VND and sold at 148.9 million VND.
At Bao Tin Minh Chau, the price of 9999 gold rings has decreased by 500,000 VND compared to yesterday, the price is still the highest in the market at 149.5 - 152.5 in both buying and selling directions. With a similar decrease, the price of Kim Gia Bao gold rings is at 149 - 151 in both buying and selling directions.
World gold prices plummet after 9-week increase
In the international market, the world gold price has dropped sharply, at times losing up to 53 USD/ounce. From the 4,113 USD area, the price plunged to 4,059 USD and then recovered slightly to 4,095 USD/ounce. This is the 10th consecutive week of decline after a series of 9 weeks of brilliant increases, marking the deepest correction since the beginning of the year.
According to Business Standard (India), while images of people lining up to buy gold are flooding social media, experts are starting to worry about the risk of the market "overheating". Ms. Nicky Shiels, Head of Research at MKS Pamp SA, said that gold is in a phase of excessive speculation according to all technical indicators.
Experts are divided on whether this is the end of a long gold bull run or just a temporary correction. But in reality, many people are still buying up stocks while prices are down.
However, the “bottom-fishing fever” has also caused many types of gold bars suitable for small pockets to quickly sell out. Meanwhile, in Kyoto (Japan), nearly 1,000 traders, brokers and refining businesses gathered to attend the largest precious metals conference of the year.
Despite the price drop, real demand remains high as many people view gold as a safe haven asset amid global uncertainty. With factors such as inflation, geopolitical volatility and US interest rate policy, analysts say gold prices could soon recover if investors continue to look to the precious metal as a long-term “store of value”.
