People lined up to buy gold on the afternoon of April 17 at Mi Hong gold shop as gold prices continued to rise - Photo: TTD
Gold price suddenly evaporates from 2.5-3 million VND/tael
Opening this morning, SJC Company sharply reduced the selling price of SJC gold bars from 120 million VND/tael yesterday to 117.5 million VND/tael, equivalent to a decrease of 2.5 million VND/tael. Meanwhile, the buying price of gold decreased by 3.5 million VND/tael, falling straight to 113.5 million VND/tael.
The difference between buying and selling prices of SJC gold bars increased to 4 million VND/tael, double the previous days.
The price of 9999 gold rings listed at SJC Company also decreased by 1.5 million VND/tael, from 117 million VND/tael to 115.5 million VND/tael (sell) and 111.5 million VND/tael (buy).
Notably, the buying price of gold bars and gold rings both decreased more sharply than the selling price. This is a sign that the market is in a downtrend and the "gold shops" have sharply reduced the buying price to defend.
However, by 9:30 a.m., the selling price of SJC gold bars at SJC Company increased to 119 million VND/tael, while the buying price remained at 115 million VND/tael.
At PNJ Company, the buying and selling price of SJC gold bars this morning also decreased to the same level as the price at SJC Company, selling at 117.5 million VND/tael, buying at 113.5 million VND/tael. The selling price of 9999 gold rings at PNJ Company was 117 million VND/tael, buying at 114 million VND/tael.
At Bao Tin Minh Chau Company, the selling price of 9999 gold rings decreased by 2.5 million VND/tael, to 117 million VND/tael, and the buying price was 113.2 million VND/tael.
The difference between domestic and world gold prices is still very high, and is likely to decrease further.
In just 3 days, the price of gold increased to 12 million VND/tael, causing a very strong psychological effect on the market - Photo: TTD
Domestic gold prices fell sharply as world gold prices ended the trading week early yesterday for Easter. At the end of the trading week, world gold prices were at $3,329/ounce, down about $27/ounce from the previous peak.
Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 104.75 million VND/tael.
Thus, compared to the converted world gold price, the price of SJC gold bars is 12.75 million VND/tael higher, while at the beginning of April the difference was only about 4.5 million VND/tael.
Previously, the domestic gold price had increased very rapidly and much higher than the increase in the world gold price. In just 3 days, the price of SJC gold bars increased by 12 million VND/tael - a record increase in many months.
Last night the Government Office There is a document conveying the direction of Deputy Prime Minister Ho Duc Phoc on the development of domestic gold prices.
Specifically, considering the Government Office's quick report on domestic gold price developments on April 18, Deputy Prime Minister Ho Duc Phoc directed the State Bank to preside over and coordinate with agencies to closely monitor the situation and developments in the domestic and international financial, monetary, foreign exchange, and gold markets.
Urgently implement solutions as prescribed to stabilize the gold market, in accordance with the direction of the Government leaders in Official Dispatch No. 1483 dated April 4.
"Proactively implement communication measures to stabilize social psychology. Further strengthen inspection, examination and strictly handle violations according to regulations, not allowing profiteering, manipulation, price fixing, speculation... in the gold market," the document emphasized.
According to experts, with the current difference of up to 12.75 million VND/tael, the domestic gold price is likely to decrease further in the coming days as management agencies step up measures to inspect the gold market.
Source: https://tuoitre.vn/gia-vang-dong-loat-giam-manh-sau-chi-dao-nong-cua-pho-thu-tuong-20250419094042666.htm
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