Early afternoon of December 26, the price of SJC gold bars continuously decreased by 500,000 VND/tael each time, bringing the total decrease to 1.5 - 2 million VND/tael in just 30 minutes. Saigon Jewelry Company - SJC bought for 77 million VND, sold for 78.8 million VND. Doji Group bought for 77 million VND, sold for 78.8 million VND. Phu Quy SJC Company bought for 77.3 million VND, sold for 79.7 million VND...
Trading units reduced buying prices faster than selling prices, leading to a gap between buying and selling prices of VND1.5 - 2 million per tael. Domestic gold prices fell sharply while world prices remained unchanged (at USD2,064/ounce), reducing the expensive level to VND18.3 million/tael.
Gold bar price drops sharply by 2 million VND/tael
The price of gold rings has decreased by about 200,000 VND per tael. Bao Tin Minh Chau Company bought 63.43 million VND, sold 64.43 million VND; Doji Group bought 63.1 million VND, sold 64.05 million VND. On the contrary, SJC Company increased the price of gold rings by 50,000 VND/tael, buying to 62.6 million VND, selling 63.75 million VND. The reason is that the buying power of gold rings at this company is higher than selling.
According to the gold business community, the sudden sharp decline in gold prices in a short period of time came from the fact that units stopped buying on the wholesale market. The gold market is fraught with risks because prices have increased sharply while gold buying power has decreased. Many people who bought gold on the morning of December 26, before they could celebrate the profit of a few hundred thousand, had to suffer heavy losses of 1.1 - 2.8 million VND/tael in the afternoon of the same day. Mr. Nguyen Ngoc Trong - Director of New Partner Gold Company, advised gold buyers at this time to be extremely careful, if they do not want to "buy at the top".
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