World gold price dropped sharply on the evening of August 22 - Screenshot
Gold prices fall due to profit-taking pressure
World gold prices fell sharply after a series of continuous increases and set an all-time record.
When the world gold price surpassed 2,530 USD/ounce earlier this week, there were also predictions of a collapse of up to 50 USD/ounce due to profit-taking pressure. There were even predictions that the gold price would break through the 2,460 USD/ounce threshold before recovering.
On August 21, the US Federal Reserve (Fed) released the minutes of its July policy meeting. Accordingly, most forecasts said that if the data continues as expected, easing policy at the meeting next month would be appropriate.
The market is now expecting the Fed to cut interest rates by another 0.25% in September. This would be the first time the Fed has cut interest rates since the COVID-19 pandemic. The US benchmark interest rate is currently at a 23-year high of 5.25-5.5%.
At the current price, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 74.96 million VND/tael.
Domestic gold price remains unchanged
On August 22, four banks in the Big4 group still listed the gold selling price at 81 million VND/tael.
SJC Company sells at 81 million VND/tael, buys at 79 million VND/tael. Compared to the converted world gold price, the price of SJC gold bars is 6.04 million VND/tael higher. This is a quite high difference and risky for gold holders at this time.
According to records, people are no longer interested in competing to buy gold from banks and SJC Company. The reason is that the difference between the price of gold from banks and the price of gold on the free market is only about 200,000 VND/tael.
This difference is not enough to compensate for the risk of price fluctuations, because after purchasing, it takes two days to receive the gold.
Meanwhile, the price of 9999 gold rings of brands is still hovering around the threshold of 78.4 million VND/tael.
At SJC Company, the selling price of 9999 gold rings is 78.4 million VND/tael, buying price is 77.1 million VND/tael.
Bao Tin Minh Chau Company listed the selling price of 9999 gold rings at 78.38 million VND/tael, buying at 77.08 million VND/tael.
DOJI Company listed the buying and selling price of gold rings at 77.15 - 78.35 million VND/tael.
Compared to the converted world gold price, the selling price of 9999 gold rings is about 3.44 million VND/tael higher.
Please read the updated gold price developments HERE.
Source: https://tuoitre.vn/gia-vang-the-gioi-bat-ngo-sap-manh-202408222131539.htm
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