The price of SJC gold bars evaporated by 1.4 million VND/tael due to profit-taking selling pressure. By this afternoon, February 6, it was only 89.6 million VND/tael.
Many people took advantage of the opportunity to close profits on SJC gold bars - Photo: THANH HIEP
Gold price evaporated 1.4 million VND/tael in just one day
Market records in the past two days show that after reaching the 91 million VND/tael mark, domestic gold prices "froze" throughout yesterday, February 5, even though world gold prices continuously broke records.
As of today, the price of gold has turned to decrease. From 91 million VND/tael (selling price), the price of gold bars listed at SJC Company has continuously decreased, by this afternoon it was only 89.6 million VND/tael, equivalent to a decrease of 1.4 million VND/tael.
On the buying side, the price of SJC gold bars also decreased accordingly, to 86.4 million VND/tael.
The selling price of 9999 gold rings at SJC Company also decreased by 1.1 million VND/tael to 89.4 million VND/tael. The buying price dropped from 88 million VND/tael to 86.4 million VND/tael.
Other gold brands also compete to reduce prices.
People receive money after selling gold (photo taken at SJC Company) - Photo: THANH HIEP
At PNJ Company, the selling price of SJC gold bars also decreased from 91 million VND/tael to 89.6 million VND/tael, equivalent to a decrease of 1.4 million VND/tael. The buying price is 86.4 million VND/tael.
The selling price of 9999 plain gold rings at PNJ Company also decreased by 1.2 million VND/tael, to 89.5 million VND/tael, and the buying price was 86.7 million VND/tael.
At Bao Tin Minh Chau Company, the selling price of gold rings, after being pushed up to 90.95 million VND/tael yesterday, has dropped sharply today to 89.55 million VND/tael, equivalent to a decrease of 1.4 million VND/tael, the buying price is 86.1 million VND/tael.
Notably, the difference between buying and selling prices of gold bars has been pushed very far, from 3.2-3.5 million VND/tael, depending on the brand. The reason is that the selling force is too strong.
God of Wealth Day is approaching but people sell gold instead of buying it.
At Mi Hong gold shop, there are many people coming to trade, besides people coming to buy, there are many people coming to sell - Photo: THANH HIEP
According to Tuoi Tre Online , in Ho Chi Minh City, the number of people coming to sell is quite large when the gold price is high. For example, on the afternoon of February 5, in just about 5 minutes, more than 5 customers came to sell SJC gold bars at the price of 88 million VND/tael. Each customer sold 4-5 taels of gold and received cash.
Meanwhile, in the buying direction, according to records, most customers only buy small amounts of gold rings and God of Wealth gold.
Even though today is the 9th day of the first lunar month, At Ty, which is also the Jade Emperor's birthday, many people are selling gold to make a profit instead of buying.
The parking lot at Mi Hong gold shop is always overloaded before God of Wealth's day - Photo: THANH HIEP
Many gold sellers said that they bought at a price of about 85 million VND/tael more than 2 months ago, now that the price is good, they have sold to take profit, waiting for the gold price to decrease to buy again.
In Hanoi, the number of customers decreased slightly compared to two days ago, the ratio of customers buying and selling was almost balanced.
However, for customers selling 2 taels of gold or more, many gold shops, such as Bao Tin Minh Chau, write a debt receipt according to the price at the time of transaction and promise to deliver the money early next week, not immediately.
Compared to the selling price offered by gold trading companies, the gold price listed by banks is higher. For example, Vietcombank, Agribank, VietinBank and BIDV announced the selling price of SJC gold bars on February 6 at 91.2 million VND/tael.
Compared to yesterday afternoon, the buying price of SJC gold bars on the Hanoi market at 2:30 p.m. on February 6 decreased by VND1.1 million/tael, to VND86.9 million/tael. Meanwhile, the selling price decreased less, listed by gold companies at VND90.1 million/tael.
In Hanoi, there were many customers waiting for transactions this afternoon - Photo: LE THANH
After consecutively setting records, the world gold price has slightly decreased to 2,863.2 USD/ounce by the end of today.
Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 87.85 million VND/tael.
Compared to the converted world gold price, the price of SJC gold bars is 1.75 million VND/tael higher, while the price of 9999 gold rings is 1.55 million VND/tael higher.
According to experts, because the world gold price has increased too much in recent times, there is a possibility of a strong correction.
Currently, although the domestic gold price is low compared to the world gold price, the gap between buying and selling prices is too large, so if you "chase the peak" of high gold prices, when the world gold price adjusts and the domestic gold price decreases after God of Wealth Day, you will likely lose heavily if you sell.
Please follow the domestic gold price developments here.
Source: https://tuoitre.vn/nguoi-dan-un-un-ban-gia-vang-tuot-ap-truoc-ngay-than-tai-20250206171751244.htm
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