At 3:00 p.m. on April 15, 2024, the domestic SJC gold price increased sharply compared to the early morning of the same day. Saigon Jewelry Company Limited - SJC listed the SJC gold price at VND 82.4 million/tael for buying and VND 84.6 million/tael for selling. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted up VND 1.8 million/tael for buying and up VND 1.48 million/tael for selling.
At its peak, at 11:19 a.m. the same day, the price of SJC gold at this unit increased rapidly, reaching 83.3 million VND/tael for buying and 85.5 million VND/tael for selling.
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| Gold price listed at Saigon Jewelry Company Limited - SJC. Screenshot at 3:00 p.m. on April 15, 2024 |
At the same time of 3 p.m., Bao Tin Minh Chau listed the price of SJC gold at VND82.8 million/tael for buying and VND85.1 million/tael for selling. Compared to the early morning of the same day, the price of SJC gold was adjusted by this unit to increase by VND1.7 million/tael for buying and VND2 million/tael for selling.
The difference in buying and selling price of gold bars at this unit is currently at 2.3 million VND/tael.
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| Gold price listed at Bao Tin Minh Chau. Screenshot at 3:00 p.m. on April 15, 2024 |
Domestic gold prices increased following world gold prices, but due to scarce supply and sudden increase in demand, gold prices still increased quite far from international gold prices, especially SJC gold bars and recently gold rings. At the same time, world gold prices increased sharply to 2,361 USD/ounce, up 17 USD/ounce compared to yesterday morning. Converted according to the exchange rate, world gold prices are about 71 million VND/tael excluding taxes and fees.
In the past week, from April 8 to 14, 2024, the domestic SJC gold price has fluctuated and increased many times. At one point, the SJC gold price reached 85 million VND/tael and the gold ring price conquered the mark of 78.25 million VND/tael. If calculated from the early morning of April 8, 2024, the SJC gold price at Saigon Jewelry Company Limited - SJC was listed at 79.5 million VND/tael for buying and 81.92 million VND/tael for selling, then by 3:00 p.m. this afternoon, April 15, 2024, the SJC gold price at this unit was adjusted to increase by 2.9 million VND/tael for buying and increased by 2.680 million VND/tael for selling.
A notable highlight of the past week was that, in the face of the sharp fluctuations in gold prices, on April 11, 2024, the Prime Minister concluded at a meeting on solutions to manage the gold market in the coming time. Specifically, the Prime Minister requested the State Bank to preside over and coordinate with relevant agencies to focus on strictly implementing the provisions of Decree No. 24/2012/ND-CP, including immediately handling the situation of high differences in domestic gold bar prices and international gold prices, ensuring stable operation of the gold market.
Immediately afterwards, on April 12, 2024, the Deputy Governor of the State Bank said that in order to stabilize the market, the State Bank has prepared intervention plans and carried out inspections of gold trading activities of enterprises and credit institutions nationwide in 2022, 2023... Accordingly, the State Bank will immediately increase the supply of gold bars to reduce the price difference between domestic and international markets. For the gold jewelry and fine art market such as gold rings, the State Bank will continue to create conditions to ensure sufficient raw materials for production activities to export gold jewelry and fine art. The State Bank will also conduct inspections, checks, and supervision according to its assigned functions, tasks, and powers; strictly handle acts of gold smuggling across the border, profiteering, speculation, and manipulation of gold prices.
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| Many experts warn investors and people to be cautious about the heat of gold. Illustrative photo |
In recent days, not only SJC gold, 9999 gold rings have also increased sharply, causing many people who bought gold on God of Fortune Day this year at the price of 66 million VND/tael to win big and many people have taken profits. "When the price of 9999 gold rings increased sharply, I went to sell gold to take profits. In total, I made a profit of 7 million VND per tael. Realizing that the gold price still has many upward trends, I spent money to buy gold, although not much," Ms. Hoang Yen (Tay Ho, Hanoi) shared and said that many people also have the same mentality of buying gold for investment as her at this time. If in the past, people mainly bought gold rings, now many people are buying SJC gold bars.
In contrast to Ms. Yen, Mr. Nguyen Nam (Dong Da, Hanoi) is cautious about the unusual developments of the market and the fact that gold prices have been "dancing" continuously in recent days. " With the situation of world and domestic gold prices constantly fluctuating, increasing and decreasing erratically, I am wondering whether I should invest at this time or not? In recent days, the Government and the State Bank have continuously directed and functional forces nationwide have inspected stores, I think it will have a strong impact on the upcoming fluctuations in gold prices. If I buy for investment and the liquidity and gold prices decrease, I will definitely lose money, " Mr. Nam expressed his concern.
According to statistics from Bao Tin Minh Chau, although the price of gold is at its historical peak, on the morning of April 15, 2024, the number of customers coming to buy gold is still greater than the number of customers coming to sell. "This morning, the number of customers coming to buy - sell has a ratio of 55% of customers coming to buy gold and 45% of customers coming to sell" - Bao Tin Minh Chau informed and recommended that investors and people should consider before trading and regularly monitor gold market information on official channels to make the right decisions and avoid losses.
In this context, many experts warn investors and people to be cautious about the heat of gold. If you want to invest at this time, you need to have a specific, complete, and detailed scenario to be able to promptly respond to the hourly and minutely fluctuations of the domestic and foreign gold market. Investors and people absolutely must not borrow money to invest in gold, because when the gold price drops, investors will face both the pressure of loss and economic pressure.
The possibility of the upward trend of gold prices has not cooled down, but in the short term there will be a downward adjustment, because the gold market will have interventions from the Government and the State Bank. Therefore, at this time, investors and people should be very cautious in gold transactions, some experts recommend.
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