Gold price evaporates 1.2 million VND/tael due to strong profit-taking selling pressure

People sell gold to take profit when SJC gold bar price reaches 106.4 million VND/tael - Photo: TTD

Gold prices plummeted due to profit-taking selling pressure

On the afternoon of April 11, SJC Company reduced the price of SJC gold bars from VND106.4 million/tael to VND105.2 million/tael, equivalent to a decrease of VND1.2 million/tael. The purchase price also decreased accordingly, to VND102.2 million/tael.

However, compared to yesterday, the price of SJC gold bars still increased by 1.3 million VND/tael in both buying and selling directions.

The difference between buying and selling gold prices remains very high: 3 million VND/tael.

Meanwhile, the selling price of 9999 gold rings at SJC Company is 800,000 VND/tael lower than the price of gold bars, at 104.4 million VND/tael (selling price), but the buying price is pushed very far: 3.3 million VND/tael.

This is also a notable development because previously the selling price of gold bars and gold rings at SJC Company was the same. However, since the beginning of the week, the gap between the selling price of gold bars and the buying price has continuously increased.

At PNJ Company, the selling price of SJC gold bars also decreased to 105.2 million VND/tael, the buying price was 102.2 million VND/tael.

However, the selling price of 9999 gold rings is 900,000 VND/tael lower than the price of SJC gold bars, at 104.3 million VND/tael, and the buying price is 100.8 million VND/tael.

At Bao Tin Minh Chau Company, the selling price of 9999 gold rings is 104.5 million VND/tael, buying price is 100.9 million VND/tael.

The sudden sharp drop in domestic gold prices was due to profit-taking selling pressure. According to Tuoi Tre Online , today, April 11, people lined up to sell gold at the SJC Company headquarters on Nguyen Thi Minh Khai Street (District 3, Ho Chi Minh City) in large numbers, mainly selling SJC gold bars. Some people sold only 1 tael but some also sold larger quantities.

Because there are so many people waiting to sell gold, they have to wait in line for their turn. Meanwhile, very few people buy at the current price. This morning, there were a few customers who bought 9999 gold rings in quantities of 1-2 taels.

The reason people are selling is because the price of gold has increased to more than 6 million VND/tael in just the last three days. Therefore, even though the difference between buying and selling prices is up to 3 million VND/tael, recent gold buyers are still making "huge" profits.

World gold price sets new record, but warnings appear

People waiting to sell gold this afternoon - Photo: TTD

At 9:00 p.m. on April 11, the world gold price reached 3,240 USD/ounce - also a new record. However, immediately after that, the world gold price dropped to 3,227 USD/ounce.

World gold prices increased sharply in the context of China announcing additional tariffs on US goods of up to 125% from April 12.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 100.7 million VND/tael.

Compared to the converted world gold price, the domestic gold price is about 4.5 million VND/tael higher.

After the world gold price increased rapidly in recent days, a warning has appeared. According to expert Tran Duy Phuong, in just two days, the world gold price increased to 250 USD/ounce.

"It seems that gold prices ran ahead of the news that China would impose retaliatory tariffs on the US. Therefore, when China announced this information, world gold prices did not increase dramatically," Mr. Phuong commented.

At the same time, he also warned that the rule in the market is "buy the rumor, sell the truth" (buy when there is a rumor and sell when the information is announced), so after China announced information about raising the retaliatory tax rate against the US, the world gold price will likely have an adjustment.

Please follow the domestic gold price developments here.

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Source: https://tuoitre.vn/gia-vang-boc-hoi-1-2-trieu-dong-luong-do-luc-ban-chot-loi-qua-manh-2025041121184472.htm