There are two days left until his eldest son's wedding and although he has bought gold as a dowry for his son, Mr. Pham Van Quy (Ha Nam) still closely monitors the price of gold.
A month ago, Mr. Quy invested all his capital to buy 2 taels of 9999 plain gold rings and a 3-tael 24k gold necklace to give to his son and daughter-in-law.
"At that time, I bought at 86 million VND/tael from a famous store in the area. The news and newspapers always predicted that gold would continue to increase, so I gritted my teeth and bought at that time to avoid the price increasing too much," Mr. Quy shared.
Mr. Quy also said that after he bought gold, the price of 9999 plain gold rings sometimes reached more than 89 million VND/tael. "I also thought I had made a smart investment decision. However, today, the gold price continued to drop sharply, which shocked me," Mr. Quy shared.
After more than 1 month of buying gold, if he sells it back to the gold shop now, Mr. Quy will lose about 6 million for 2 taels of plain gold rings.
Recorded at 11:00 a.m. on November 7, Saigon Jewelry Company (SJC) reduced the price of gold rings to 83 million VND/tael for buying and 84.8 million VND/tael for selling.
These prices decreased by 3.4 and 3.1 million VND/tael respectively compared to yesterday morning session.
At DOJI, the price of gold rings decreased by 5.5 million VND/tael for buying, to 82 million VND/tael, and decreased by 4.5 million VND/tael for selling, to 84 million VND/tael.
Gold bar price this morning also dropped sharply by 2 million VND for selling and 4 million VND for buying.
Gold bar prices are listed at 83-87 million VND/tael (buy - sell).
Speaking to reporters, a gold and silver shop owner in Phu Ly, Ha Nam said that people's demand for gold in the past two months has been very high, mainly for buying gold as wedding gifts and dowries. Besides, many people also buy gold for storage but often buy in large quantities.
According to records, in the past 24 hours, on the international market, each ounce of gold "evaporated" up to 100 USD. Currently, the world gold price is around 2,654-2,656 USD per ounce.
Converted according to Vietcombank's selling rate on November 7, the world gold price is equivalent to 81.6 million VND/tael.
Gold prices plunged as the dollar rose after Donald Trump was elected US President. The stronger dollar makes gold less attractive to buyers outside the US.
