Gold prices fell sharply after reaching a historic peak. Many major brands listed the two-way SJC gold price at VND89.4 - 91.7 million/tael, respectively.
Gold bar prices fell sharply after climbing to an all-time high - Photo: NGOC PHUONG
The price of SJC gold bars at the end of February 20 jumped to 92.3 million VND/tael for sale. This is the highest price ever. Any investor who bought gold at the peak will suffer heavy losses if they sell today.
Specifically, updated on the evening of February 22, Vietnam time, the international gold price was trading at 2,936 USD/ounce, down 0.15% after 1 day. Converted according to Vietcombank exchange rate, the world gold price is at 90.9 million VND.
Domestically, most major brands have also adjusted their selling and buying prices downward. The total decrease could be up to VND500,000/tael compared to yesterday morning's price.
At PNJ or SJC Company, these businesses listed the price of SJC gold bars at 89.4 - 91.7 million VND/tael (buy - sell), down about 600,000 VND compared to the beginning of yesterday's session.
Meanwhile, Bao Tin Minh Chau bought SJC gold for 89.6 million VND/tael - 200,000 VND higher than other gold shops, and sold for 91.7 million VND/tael - similar to other companies.
Not only Bao Tin Minh Chau, currently Phu Quy gold brand also buys at 89.6 million VND/tael and sells at 91.7 million VND.
Notably, Mi Hong only reduced the buying price by VND100,000/tael of SJC gold, to VND90.4 million, a more competitive price than many other units. Meanwhile, the selling price by Mi Hong decreased by VND200,000/tael, remaining at VND91.6 million/tael.
Following the trend of SJC gold, the price of ring gold was also adjusted down by 500,000 - 600,000 VND/tael compared to the beginning of yesterday's session.
By this afternoon, Bao Tin Minh Chau updated the price of gold rings at 90.2 - 91.8 million VND/tael. Meanwhile, PNJ kept the price of gold rings at 90.1 - 91.7 million VND/tael. Meanwhile, SJC Company reduced the price of gold rings to 89.3 - 91.4 million VND/tael.
In the international market, after weeks of optimistic forecasts, many experts have begun to be more cautious about the prospects of this precious metal. Last year, according to data from the World Gold Council (WGC), gold prices increased by 25.5% by 2024.
According to the WGC's gold yield allocation model, gold's positive performance is linked to key factors such as strong demand from central banks and investors, offsetting declining consumer demand, rising geopolitical risks due to escalating conflicts, and multiple elections taking place around the world...
However, market consensus forecasts suggest that gold's performance in 2025 will be more modest, but there are likely to be bullish catalysts as the new year begins.
Notably, WGC experts said that the biggest highlight of the past year was still the gold market in Vietnam. On January 2, 2024, the price of a gold ring was 63 million VND and the price of SJC gold bars was 73 million VND/tael.
But by January 2, 2025, the price of 24K gold rings was VND 84.8 million/tael and the price of SJC gold bars was VND 85 million/tael, only VND 200,000 higher than the price of gold rings.
Source: https://tuoitre.vn/gia-vang-rot-them-nhieu-nguoi-moi-mua-lo-nang-20250222194549011.htm
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