At 4:00 p.m. on March 21, 2024, the domestic SJC gold price dropped sharply. Saigon Jewelry Company Limited - SJC listed the afternoon SJC gold price at 78.8 million VND/tael for buying and 80.8 million VND/tael for selling. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted down by 600,000 VND for buying and down by 620,000 VND for selling.
The difference in gold buying and selling prices at this unit is currently at 2 million VND.
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| Gold price listed at Saigon Jewelry Company Limited. Website screenshot at 4:00 p.m. on March 21, 2024 |
Similarly, the price of SJC gold at Bao Tin Minh Chau was also adjusted down. At 4 p.m., Bao Tin Minh Chau listed the price of SJC gold at VND78.4 million/tael for buying and VND80.4 million/tael for selling. Compared to the early morning of the same day, the price of SJC gold here was adjusted down by VND600,000 for buying and VND800,000 for selling.
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| Gold price listed at Bao Tin Minh Chau. Website screenshot at 4:00 p.m. on March 21, 2024 |
The sharp drop in domestic gold prices today is due to the fact that yesterday (March 20), Prime Minister Pham Minh Chinh signed Official Dispatch No. 22/CD-TTg requesting to strengthen measures to manage the gold market. In particular, the Prime Minister requested the State Bank to coordinate with relevant agencies to immediately conduct inspections and examinations of the gold market, the activities of gold trading enterprises, stores, gold bar distribution and trading agents and other entities participating in the market, promptly detect loopholes and shortcomings for handling; not to let the economy "goldenize", strictly handle acts that destabilize the gold market and acts of smuggling, manipulation, speculation, profiteering, and pushing up the price of gold bars.
Immediately afterwards, Deputy Prime Minister Le Minh Khai met with the State Bank of Vietnam and a number of ministries and branches on implementing tasks and solutions to manage the gold market.
The Deputy Prime Minister requested the State Bank, in accordance with its functions and tasks, to closely monitor the supply and demand developments of the domestic and foreign gold market, correctly assess the situation, clarify the causes, "correctly diagnose the disease" to have timely and effective response solutions to handle the current and future situation. In particular, it is necessary to comprehensively and thoroughly review the current legal regulations, especially the contents related to Decree No. 24/2012/ND-CP...
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| The sudden sharp drop in domestic gold prices has left many investors and people unprepared. Illustrative photo |
The sudden sharp drop in domestic gold prices has left many investors and people unprepared. Mr. Nguyen Thai Linh (Hoang Mai district, Hanoi) said that on March 12, when the domestic SJC gold price was at a high level, he decided to "ride the peak" and surf the gold wave. "On March 12, I bought gold at 82.5 million VND/tael, and as of this afternoon, the gold price had dropped to 78.8 million VND/tael. So, I am losing up to 3.7 million VND/tael" - Mr. Linh shared and worried that if the gold price continued to fall, the loss would be much greater.
Similarly, Ms. Thu Hong (Bac Tu Liem District, Hanoi) is also worried when the domestic SJC gold price dropped dramatically after the Government's drastic management instructions. "In this context, I will have to keep gold longer than expected, waiting for the time when the Government and the State Bank of Vietnam issue new management policies. Compared to the time of buying gold, if I sell gold this afternoon, I will lose nearly 3 million VND/tael" - Ms. Hong said.
In contrast to the domestic gold market, this afternoon the world gold price increased sharply. In the early afternoon of March 21, Hanoi time, the world gold price was at 2,206 USD/ounce. Early this morning, the gold price skyrocketed to 2,222 USD/ounce, setting a new all-time high record.
The factor that caused the world gold price to increase sharply came from the US Federal Reserve's decision to keep interest rates stable. On March 20, after a two-day policy meeting, the Fed decided to keep interest rates stable at the current level, and said that interest rates are expected to decrease by 0.75% by the end of 2024, in the context that this agency is getting closer to the target of bringing inflation to 2%.
In the context of the domestic and world SJC gold prices being in opposite directions, experts recommend that investors should be cautious when trading gold. Currently, the world gold price converted according to the listed exchange rate is about 66.2 million VND/tael, lower than gold rings by about 3.7 million VND/tael while lower than SJC gold by about 15 million VND. Not to mention, the difference between buying and selling prices of this precious metal is still high at about 2 million VND, which can put investors at a disadvantage when the market has bad fluctuations.
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