Gold prices drop sharply, investors continue to suffer heavy losses?

Closing the trading session on May 24, 2024, domestic SJC gold price was stable compared to the early morning of the same day.

Saigon Jewelry Company Limited - SJC listed the price of SJC gold at 87.5 - 89.5 million VND/tael for buying and selling.

Bao Tin Minh Chau brand listed SJC gold price at 87.65 - 89.3 million VND/tael for buying and selling. Down 200,000 VND/tael compared to the closing price yesterday afternoon.

DOJI listed SJC gold price at 87.5 - 89.3 million VND/tael for buying and selling.

Gold price forecast for May 25, 2024, many opinions say that gold price will continue to decrease sharply after successful gold auctions. Photo: Duy Hieu

Compared to the gold price in the early morning of May 21, 2024, before the 8th SJC gold auction, the domestic gold bar price has evaporated by a million VND/tael. Specifically, in the early morning of May 21, 2024, the SJC gold price at Saigon Jewelry Company Limited - SJC was listed at 89 - 91 million VND/tael for buying and selling. As of the end of this afternoon, the SJC gold price had decreased by 1.5 million VND/tael for both buying and selling.

Thus, if investors and people buy gold bars on the morning of May 21, 2024 and sell them this afternoon, May 24, 2024, they will have lost up to 3.5 million VND per tael. The domestic SJC gold price has dropped sharply after drastic actions from the State Bank, through the organization of consecutive gold auctions, and the inspection of a number of gold trading enterprises and establishments.

Following the trend of gold bars, today, the price of gold rings also decreased but at a slower rate. Currently, the price of gold rings is traded around 74.8 million VND/tael for buying, 76.4 million VND/tael for selling - down about 400,000 VND compared to the end of yesterday.

Today, the world gold price also fell sharply, down more than 50 USD /ounce, bringing the decrease in the last 2 sessions to nearly 100 USD /ounce. Currently, the world gold price is trading at 2,333 USD /ounce, also the lowest level in the past week.

The price of gold bars in the domestic market has the same downward trend as the world gold price, but the rate of decline of the domestic gold price is much slower, so the difference between the domestic and world gold prices has widened. Currently, the world gold price converted according to the listed exchange rate is about 71.6 million VND/tael, lower than SJC gold bars by about 17.7 million VND/tael.

Giving forecasts on domestic gold prices in the short term, some economic experts said that SJC gold prices are expected to continue to decrease following world prices and many opinions said that the downward trend of domestic gold prices will continue after successful gold bar auctions organized by the State Bank.

In the context of the domestic and international gold prices trending downward, investors and people need to be cautious when buying gold for investment. Because currently, the difference between the domestic gold buying and selling prices is at a high level, about 2 million VND/tael, if buying and selling gold at this time, investors will immediately lose 2 million VND/tael.

Source: https://congthuong.vn/du-bao-gia-vang-ngay-2552024-gia-vang-giam-manh-nha-dau-tu-tiep-tuc-lo-nang-322168.html