Gold prices in unprecedented fluctuation: Gold shops make huge profits, buyers taste "bitter fruit"

ANTD.VN - Gold prices are in the most volatile sessions in history. Not only has it dropped sharply, but the difference between buying and selling prices has also reached a record level, causing many disadvantages for gold buyers.

This morning, the domestic price of SJC gold continued to decrease sharply. At 9:30 a.m., Saigon Jewelry Company (SJC) listed the price of gold bars at 72.50 - 75.50 million VND/tael, down 2 million VND/tael compared to yesterday's closing price.

DOJI Group also adjusted the price of SJC gold down by another 1.5 million VND per tael for selling, but kept the price for buying unchanged, listed at 72.00 - 76.00 million VND/tael.

Phu Quy Group reduced 1.8 million VND/tael in both directions, listed at 71.50 - 75.50 million VND/tael; Bao Tin Minh Chau 72.20 - 75.70 million VND/tael...

Gold 99.99 this morning also continued to decrease, with a decrease of about 300 thousand VND per tael.

Specifically, SJC 99.99 rings are listed at 62.55 - 63.55 million VND/tael; PNJ Gold is listed this morning at 62.50 - 63.60 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold is 62.68 - 63.83 million VND/tael...

Previously, in yesterday's trading session, the gold market witnessed an unprecedented fluctuation in history, when the intraday price difference reached 6 million VND per tael.

After increasing to nearly 80 million VND/tael in the morning selling session, the gold price turned to free fall around noon trading time, following Prime Minister Pham Minh Chinh's direction on solutions to manage the gold market.

The frequency of price adjustments by gold businesses is dense every minute, depending on people's buying and selling needs.

According to the reporter, starting from noon yesterday, transactions at gold trading points became more active. Many people were surprised because the gold price dropped so quickly.

Ms. Nguyen Bich Hong, a customer who came to sell gold at a gold shop on Tran Nhan Tong Street, said that at noon she updated the afternoon gold buying price to have dropped to more than 77 million VND/tael, but after finishing lunch and bringing 2 taels of gold to sell, the buying price was only 73 million VND/tael.

"The price has dropped but I still sell because I think it's still profitable compared to the beginning of the year. I don't know if the price will stay like this in the next few days," she said.

Người dân xếp hàng mua bán vàng tại một cửa hàng trên phố Trần Nhân Tông

People line up to buy and sell gold at a store on Tran Nhan Tong Street.

While many people are selling gold, many are still buying gold. According to records at a gold shop on Tran Nhan Tong Street, there were quite a few people still lining up to buy gold. Mr. Tran Anh Tuan said that he had just closed his savings account and bought 3 taels of gold for more than 76 million VND/tael.

“Many people sell gold when the price is high, but it depends on each person’s point of view. I still expect the price of gold to continue to increase, because the world price is increasing. And the interest rate on savings now is only half of last year’s, so I still choose to buy gold,” said Mr. Tuan.

Some people expressed regret for buying gold at a high price just a few minutes before. "I just bought it for more than 77 million VND/tael, but when I brought the gold here, it was already bought for less than 76 million VND/tael" - said one customer.

According to records, at Bao Tin Minh Chau, in yesterday's session, there was a time when the SJC gold price in the afternoon dropped to 71.4 million VND/tael. Notably, with the high demand for buying and selling gold, businesses adjusted the difference between the buying and selling gold prices to a record level, at times up to 5.5 million VND/tael.

After falling to the bottom around 3:00 p.m. yesterday, gold prices have partially recovered, and the buying and selling gap has also narrowed somewhat.

At the end of the session, gold prices of enterprises had quite a big difference. Saigon Jewelry Company listed SJC gold price at 74.5-77.5 million VND/tael. DOJI Group listed 72.0-77.5 million VND/tael. Bao Tin Minh Chau 73.0-77.2 million VND/tael. Phu Quy 73.3 - 77.3 million VND/tael...

Thus, if buying gold from the beginning of the session at a price of nearly 80 million VND per tael, then including the difference between buying and selling, up to now, gold buyers have lost 6.5 - 8 million VND per tael.

Meanwhile, with the widening difference, for each tael of gold bought and sold, gold shops have made a huge profit of 3 - 5.5 million VND per tael.

Thus, it is clear that the risk is being pushed towards gold buyers. Therefore, experts advise that people buying gold at this time is quite risky.

According to Mr. Dinh Nho Bang, Vice President and General Secretary of the Vietnam Gold Association, people should not surf gold at this time because this is a "fever". "If it is a fever, it will definitely cool down. Not to mention when the gold price is too hot, the State management agency will have policy moves. If the State Bank amends Decree 24, allowing businesses to import gold, the gold price will definitely decrease, which is risky for buyers" - Mr. Dinh Nho Bang said.

Yesterday, the State Bank affirmed that it will continue to closely monitor developments in the gold market and be ready to deploy intervention plans to stabilize the gold market.

In January 2024, this agency will submit a summary report on Decree 24, including proposals to amend and supplement a number of regulations on gold market management to suit the new market context.

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