Gold price drops further, anxiously predicting gold price next week

Gold selling pressure was activated after hot instructions from the Deputy Prime Minister - Photo: THANH HIEP

After the weekend turnaround, will gold prices continue to fall next week?

At this time, gold holders are anxiously predicting whether the gold price will continue to decrease or increase next week.

At the end of April 20, the selling price of SJC gold bars at Mi Hong gold shop (HCMC) was VND113.5 million/tael, down VND500,000/tael compared to yesterday. Meanwhile, the buying price was VND111 million/tael.

Thus, after only two days, the price of gold bars sold at Mi Hong gold shop has decreased by a total of 7.5 million VND/tael.

Previously, yesterday morning, April 19, the selling price of SJC gold bars at Mi Hong dropped to 112 million VND/tael. Although the gold price rebounded just a few minutes later, the decrease of nearly ten million VND/tael triggered a very strong selling force.

The reason is that investors were also psychologically affected immediately after the news that Deputy Prime Minister Ho Duc Phoc directed the State Bank to urgently implement solutions according to regulations to stabilize the gold market.

The branch manager of a large gold company said that from a shortage of supply when prices increased, there was a time yesterday when people sold so much that the company had no more cash to buy, so it had to reschedule with customers.

At Mi Hong gold shop on the afternoon of April 19, many people were also lining up to sell both gold bars and gold rings. There were cases of buying SJC gold bars from the price range of over 68 million VND/tael, so even though the gold price has decreased, the profit is still nearly double if sold at the current price range.

Domestic gold price is still higher than world gold price

Although the price of SJC gold bars has decreased sharply, it is still higher by 8.75 - 9.25 million VND/tael - Photo: THANH HIEP

According to records, on April 20, besides Mi Hong, major gold companies such as SJC and PNJ were closed for the weekend so they kept their listed prices the same as yesterday.

Specifically, the selling price of SJC gold bars is 114 million VND/tael, buying price is 112 million VND/tael. The selling price of 9999 gold rings is 113.5 million VND/tael, buying price is 109.5 million VND/tael.

At the end of the trading week, the world gold price was at 3,329 USD/ounce, down about 27 USD/ounce compared to the previously established 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, despite a sharp decrease, is still higher by 8.75 - 9.25 million VND/tael, while at the beginning of April the difference was only about 4.5 million VND/tael.

According to experts, with the current difference, domestic gold prices are likely to face further downward pressure in the coming days, as profit-taking pressure increases and management agencies step up measures to inspect the gold market.

Regarding world gold prices, in a survey on Wall Street, 63% predicted that gold prices would continue to increase, only 25% expected gold prices to decrease, and the rest thought gold prices would remain stable.

Similarly, an online Main Street survey found that 63% of respondents said gold prices would continue to rise, 18% said they expected gold prices to fall, and the rest said they would stay the same.

Please follow the domestic gold price developments here.

Previously, on the evening of April 18, after many days of continuous increase in domestic gold prices and the gap between world gold prices by more than 15 million VND/tael, Deputy Prime Minister Ho Duc Phoc issued an urgent directive.

Accordingly, the Deputy Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to closely monitor the situation and developments in the domestic and international financial, monetary, foreign exchange, and gold markets to promptly implement solutions as prescribed to stabilize the gold market.

According to the direction in this document, the State Bank will further strengthen inspection, examination and strictly handle violations according to regulations, not allowing profiteering, manipulation, price fixing, speculation... in the gold market.

At the same time, the State Bank proactively implemented communication measures to stabilize social psychology.

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Source: https://tuoitre.vn/gia-vang-giam-them-hoi-hop-doan-gia-vang-tuan-toi-20250420184451443.htm