Last night, the world gold price stunned investors when it continuously decreased. As of 0:50 on October 10 (Vietnam time), this precious metal has decreased by nearly 100 USD, down to 3,957.2 USD/ounce.
The decline in world gold is considered sudden, but it can be explained. First, many short-term investors have decided to take profits after a series of hot days of increase. Second, a series of geopolitical tensions have shown signs of cooling down, especially the news that Israel and Hamas have reached an agreement to return all the hostages that Hamas is holding in Gaza.
If world gold continues to decline, or moves sideways around 3,950 USD/ounce, the domestic gold market will record a rather deep decrease at the opening of the trading session on October 10.
Looking at the chart, it can be seen that the world gold price early this morning was equivalent to the afternoon of October 7. At that time, the price of SJC gold bars was listed by a number of businesses such as DOJI Group and Bao Tin Minh Chau at 138.6-140.6 million VND/tael (buy in - sell out).
Meanwhile, the price of gold rings was listed by DOJI Group at 135-138 million VND/tael (buy in - sell out). Bao Tin Minh Chau listed the price of gold rings at 136.2-139.2 million VND/tael (buy in - sell out).
It is not possible to confirm that gold prices will decrease to the same level as the afternoon of October 7 because the domestic gold market is still affected by many factors. However, when the world gold price drops sharply, the domestic market is affected and a downward adjustment is inevitable.
Currently, the buying-selling gap is being pushed to a very high level, increasing the risk for individual investors. In particular, in the context of strong price fluctuations, this difference will be difficult for businesses to adjust down.
Therefore, individual investors, especially those with a "surfing" mentality, need to consider carefully before putting money down. When the difference is too high, just one small adjustment can cause investors to lose several million VND per tael.
Update on domestic gold prices
As of 6:00 a.m., the price of SJC gold bars was listed by DOJI Group and Bao Tin Minh Chau at 140.5-142.5 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2 million VND/tael.
The price of 9999 gold rings at the same time was listed by DOJI Group at 136.8-139.8 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 138.2-141.2 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 137.5-140.5 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling is 3 million VND/tael.
