Gold prices drop sharply, people still rush to buy and stockpile

Gold price today dropped very sharply

Gold price today, April 23, dropped sharply. At 4:00 p.m. on April 23, Saigon Jewelry Company Limited - SJC listed the price of SJC gold at 116.5 - 119.5 million VND/tael for buying and selling.

Bao Tin Minh Chau is buying SJC gold bars at 116.5 million VND/tael and selling at 119.5 million VND/tael.

Similarly, the price of gold rings is also being bought and sold by Bao Tin Minh Chau at 115 - 118 million VND/tael.

Saigon Jewelry Company Limited - SJC is listing the price of gold rings at 112.5 - 115.5 million VND/tael for buying and selling.

Gold prices drop, people still rush to buy gold to stockpile. Photo: Minh Hoang

Gold prices today have dropped sharply compared to April 22. Compared to 3:00 p.m. on April 22, SJC gold prices at Saigon Jewelry Company Limited - SJC decreased by VND5.5 million/tael for buying and VND4.5 million/tael for selling.

The price of gold rings was also adjusted down by 4 million VND by this unit in both buying and selling directions.

Domestic gold prices fell sharply after world gold prices plunged last night and early this morning. Specifically, at 4 p.m. on April 23, world gold prices fell to about $3,320/ounce.

The downward adjustment of domestic gold prices occurred in the context of world gold prices being under pressure from optimistic sentiment in the stock market and the recovery of the USD. However, domestic gold prices remained high.

Gold price drops but people still rush to buy gold

According to some economic experts, the domestic gold price today decreased due to the Prime Minister's directives on stabilizing the gold market in Official Dispatch No. 47/CD-TTg on a number of key tasks and solutions to promote economic growth in 2025.

One of the notable contents in the telegram is to prioritize promoting economic growth associated with macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

The Prime Minister requested the State Bank of Vietnam to preside over and coordinate with agencies and localities to closely monitor the international and regional situation and policy adjustments of major economies; effectively use management tools to regulate exchange rates and interest rates appropriately, meeting capital needs for the economy.

In particular, the head of the Government requested maintaining stability in the monetary market, foreign exchange market, gold market and safety of the credit institution system.

In the context of a sharp drop in gold prices, according to Bao Tin Minh Chau, at business establishments, this morning the number of customers buying and selling gold was 70% customers buying gold and 30% customers selling gold.

Although the gold price decreased today, according to forecasts, domestic gold prices in the coming time still have a lot of room and momentum to increase prices.

Hoang Giang

Source: https://congthuong.vn/gia-vang-giam-manh-nguoi-dan-van-chen-nhau-mua-tich-tru-384537.html