SJC gold bar and gold ring prices plummeted after a day of "hot instructions"

On the afternoon of April 19, Saigon Jewelry Company (SJC) continued to adjust the buying price of SJC gold bars to 111 million VND/tael and the selling price to 114 million VND/tael, a further decrease of 5 million VND compared to the morning. In just 1 day, the price of gold bars lost a total of 6 million VND/tael.

Other companies such as PNJ, Phu Quy, DOJI, Bao Tin Minh Chau also simultaneously listed the price of SJC gold bars, losing millions of dong, to the same price as SJC company. Notably, even gold bars of other brands such as Vang Rong Thang Long of Bao Tin Minh Chau company also dropped sharply by about 4-5 million dong/tael after 1 day.

It can be said that the price of SJC gold bars fell sharply just 1 day after Deputy Prime Minister Ho Duc Phoc gave urgent instructions on the domestic gold price movement yesterday afternoon (April 18), the price of gold bars began to fall sharply.

Analysts predict that domestic gold prices will continue to decrease due to the effect of the hot direction of the management agency. Especially when the price of SJC gold bars continuously increases rapidly and is higher than the world gold price by 12-15 million VND/tael in a short time.

People lined up to buy gold at SJC company in recent days, when the gold price reached 120 million VND/tael.

As reported by Nguoi Lao Dong Newspaper, the Government Office has just issued a document conveying the direction of Deputy Prime Minister Ho Duc Phoc on the domestic gold price movement.

The Deputy Prime Minister requested the State Bank 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.

In addition, the Deputy Prime Minister directed to further strengthen inspection, examination and strict handling of violations according to regulations, not allowing profiteering, manipulation, price fixing and speculation in the gold market - in accordance with the direction of the Government leaders in Document 1483 dated April 4.

According to the reporter of Nguoi Lao Dong Newspaper, not only SJC gold bars but also 99.99 gold rings and jewelry gold of all kinds are "falling freely". Currently, businesses are listing the buying price of gold rings at 109.5 million VND/tael, selling at 113.5 million VND/tael, down about 3-4 million VND/tael compared to yesterday.

After only 1 day, the price of SJC gold bars dropped to 6 million VND/tael

Previously, businesses explained that the rapid increase in domestic gold prices was due to the influence of world prices and scarce supply; there were more buyers than sellers. However, because the prices of SJC gold bars and gold rings increased too quickly and the gap with world prices was widening, some gold experts warned that domestic gold prices showed signs of being manipulated and pushed up.

By this afternoon, domestic gold prices had dropped dramatically even though world prices closed the trading week at a stable level, around 3,327 USD/ounce (equivalent to about 104.6 million VND/tael).

Source: https://nld.com.vn/gia-vang-mieng-sjc-vang-nhan-rot-thang-dung-sau-mot-ngay-co-chi-dao-nong-196250419162729694.htm