Today, October 27th, the price of gold changed twice in just one morning.
Domestic gold prices on the morning of October 27th changed twice in just a few minutes, fluctuating by 200,000 to 700,000 VND per ounce, following the trend of world gold prices.
SJC gold and gold ring prices both decreased.
On the morning of October 27th, the domestic gold market opened with a sharp decline. Within the first few hours, many major brands such as SJC, ACB, and Phu Quy continuously adjusted their selling prices down by 400,000 to 700,000 VND per ounce.
At 9:00 AM, Saigon Jewelry Company (SJC) and Phu Nhuan Jewelry Joint Stock Company (PNJ) updated their price lists twice within minutes, a rare occurrence.
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 per 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/ounce. 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 are being bought and sold at 147.9 - 148.9 million VND/ounce, an increase of about 600,000 VND in both directions compared to yesterday.
At Bao Tin Minh Chau, SJC and ACB gold bars are being bought at 147.9 million VND and sold at 148.9 million VND per tael, a decrease of approximately 300,000 VND compared to yesterday.
At Asia Commercial Bank (ACB), SJC gold bars and ACB gold bars are being bought at 147.2 million VND and sold at 149.2 million VND per tael, a decrease of approximately 300,000 VND compared to yesterday.
The price of 9999 gold rings also decreased similarly. SJC bought at 145.8 million VND/ounce 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 decreased by 500,000 VND compared to yesterday, but remains the highest on the market at 149.5 - 152.5 VND for buying and selling respectively. Kim Gia Bao's blister-packaged gold rings also saw a similar decrease, priced at 149 - 151 VND for buying and selling respectively.
Global gold prices plummeted after a nine-week rally.
On the international market, world gold prices fell sharply, at one point losing as much as $53 per ounce. From around $4,113, the price plummeted to $4,059 before recovering slightly to $4,095 per ounce. This marks the 10th consecutive week of decline after a nine-week streak of strong gains, signifying the deepest correction since the beginning of the year.
According to the Indian newspaper Business Standard, while images of people lining up to buy gold are flooding social media, experts are beginning to worry about the risk of the market overheating. Nicky Shiels, Head of Research at MKS Pamp SA, believes that gold is currently in a phase of excessive speculation according to all technical indicators.
Experts are divided on whether this marks the end of a long bull cycle for gold, or just a temporary correction. However, in reality, many people are still taking advantage of the price drop to buy gold.
However, the "buy low frenzy" also caused many types of gold bars suitable for smaller budgets to quickly run out of stock. Meanwhile, in Kyoto, Japan, nearly 1,000 traders, brokers, and refiners gathered to attend the year's largest precious metals conference.
Despite the price drop, actual demand remains very high as many view gold as a safe-haven asset amid global instability. Given factors such as inflation, geopolitical volatility, and US interest rate policies, analysts believe gold prices could soon recover if investors continue to turn to the precious metal as a long-term store of value.
