At 4:00 p.m. on March 25, 2024, the domestic SJC gold price was adjusted down sharply compared to the early morning of the same day. Saigon Jewelry Company Limited - SJC listed the SJC gold price at 77.9 million VND/tael for buying and 79.9 million VND/tael for selling.
Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted down by VND100,000 for buying and VND420,000 for selling. After the sharp decrease in the price of gold at selling, the difference between the buying and selling prices of gold at this unit was shortened to VND2 million.
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| Gold price listed at Saigon Jewelry Company Limited - SJC. Website screenshot at 4:00 p.m. on March 25, 2024 |
At the same time, Bao Tin Minh Chau listed the price of SJC gold at 77.75 million VND/tael for buying and 79.6 million VND/tael for selling. Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted down 250,000 VND in both buying and selling directions.
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| Gold price listed at Bao Tin Minh Chau. Website screenshot at 4:00 p.m. on March 25, 2024 |
Thus, since March 20, 2024, after the Prime Minister issued a "hot" directive on measures to manage the gold market, by this afternoon, the domestic SJC gold price had decreased by more than VND 1.6 million/tael (at 1:30 p.m. on March 20, 2024, the SJC gold price at Saigon Jewelry Company Limited - SJC was traded at VND 79.40 - 81.52 million/tael for buying and selling).
Similarly, last week, the price of plain round gold rings also had a week of fluctuations.
In the middle of last week, the price of plain round gold rings had dropped to 68.5 million VND/tael for sale in the afternoon, but then increased by 1-1.5 million VND/tael on the morning of March 21 to 70.5 million VND/tael. In the last 2 days of the week, the price of gold rings dropped back to around 68 million VND/tael for sale. The strong fluctuations in gold prices and the high difference between buying and selling prices made gold investors unable to react in time, falling into a state of loss.
For example, if a person buys gold rings on the morning of March 21 for 70.5 million VND, and sells them this afternoon for 68.54 million VND/tael, the investor will lose more than 1.9 million VND/tael.
However, if buying gold rings in the early morning of God of Fortune Day 2024 at the price of 66 million VND/tael, investors would have made a profit of more than 2.5 million VND/tael.
Ms. Thanh Thao (My Dinh, Hanoi) said that early in the morning of God of Wealth Day, she invested in buying 6 taels of gold rings both for luck and for storage at the price of 6.6 million VND/tael. As of today, she has made a profit of more than 250,000 VND per tael.
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| Some analysts believe that the sharp drop in gold prices may be due to the influence of investor psychology. Illustrative photo |
Explaining the reason why the price of SJC gold and gold rings simultaneously plummeted, some analysts said that it could be due to the influence of investor psychology. When investors and people are waiting for the Government's management signals on the gold market, there are many predictions that the price of gold will decrease sharply, so the number of people selling gold will increase, causing the buying and selling prices to be adjusted.
Giving advice to gold investors and people during this period, some economic experts said that investors can consider buying gold for investment at this time but must be very careful, because in the coming time when there are close instructions from the Government, the price of gold may decrease.
A representative of Bao Tin Minh Chau said that this morning, March 25, 2024, at the business establishments of this unit, the number of customers buying and selling was 55% buying and 45% selling. "Investors and people should consider before trading and regularly monitor gold prices on official channels to make the most correct decisions," a representative of Bao Tin Minh Chau recommended.
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