By how much did the price of gold in Vietnam decrease on the morning of October 22nd?
In the early hours of October 22nd, world gold prices plummeted by nearly $300 per ounce in a single trading session. This sharp fluctuation caused domestic gold prices to fall significantly after weeks of rapid increases.
According to Kitco News, the gold market experienced its sharpest decline since June 2013, with the monthly futures contract losing more than 5.39% in a single day.
The spot price of gold in the Asian market at 8:30 AM this morning, October 22nd (Vietnam time), was trading around $4,116 per ounce, a sharp decrease of more than $242.45 per ounce compared to yesterday's trading session.
Experts believe that the prolonged upward trend in gold prices cannot be sustained indefinitely, and a correction is inevitable as buying pressure weakens.
According to FactSet analysis, the continuous record highs in gold prices have made investors cautious. When a reversal signal appeared, widespread profit-taking caused gold prices to fall rapidly and sharply. For seasoned traders, this was not a sudden shock but an inevitable phase of the market cycle.
The unacknowledged surge in gold prices created high risk. When money flowed out, gold prices quickly collapsed, resulting in a sharp decline rarely seen in over 10 years.
Following the decline in global gold prices, domestic gold prices also fell sharply on the morning of October 22nd.
The price of SJC gold bars in Hanoi and Ho Chi Minh City, as listed by Saigon Jewelry Company Limited (SJC), is trading at 146.5 - 148.5 million VND/ounce, a decrease of 5 million VND/ounce in the buying price and 4 million VND/ounce in the selling price compared to yesterday. The buy-sell spread is 2 million VND/ounce.
At Doji Group, the price of SJC gold bars in Hanoi and Ho Chi Minh City traded at 146.5 - 148.5 million VND/ounce, a decrease of 5 million VND/ounce in the buying price and 4 million VND/ounce in the selling price compared to yesterday. The buy-sell spread remained at 2 million VND/ounce.
Bao Tin Minh Chau listed the price of SJC gold at 147 - 148.5 million VND/ounce, a decrease of 5 million VND/ounce in the buying price and 4 million VND/ounce in the selling price compared to yesterday. The buy-sell spread remained at 1.5 million VND/ounce.
In Phu Quy, the listed price of SJC gold is trading at 146 - 148.5 million VND/ounce, a decrease of 4.9 million VND/ounce for the buying price and 4 million VND/ounce for the selling price. The difference between buying and selling is 2.5 million VND/ounce.
The price of gold rings also dropped sharply on the morning of October 22nd.
Saigon Jewelry Company Limited (SJC) listed SJC 9999 gold rings at 145.5 - 148.5 million VND/ounce, a decrease of 4.1 million VND/ounce in the buying price and a decrease of 3.8 million VND/ounce in the selling price. The difference between buying and selling prices is up to 3 million VND/ounce.
At Bao Tin Minh Chau, Thang Long gold reached 152.5 - 155.5 million VND/ounce, a decrease of 4 million VND/ounce in both buying and selling prices compared to yesterday. The difference between buying and selling prices is up to 3 million VND/ounce.
Doji Group recorded the price of Hung Thinh Vuong 9999 gold rings at 145 - 148 million VND/ounce, a decrease of 4.8 million VND/ounce in the buying price and a decrease of 4.4 million VND/ounce in the selling price.
Phu Quy also adjusted the price of 999.9 pure gold rings down to 145.5 - 148.5 million VND/ounce, a decrease of 4 million VND/ounce in both buying and selling prices.
Gold prices are currently experiencing their most volatile period in months. Despite a sharp decline in global prices, strong domestic demand has kept domestic gold prices at record highs. Analysts predict that gold prices may continue to fluctuate in the short term before establishing a new price level.
