(NLDO) – A surprise happened in the domestic gold market, before the God of Wealth day, the price of SJC gold bars and gold rings plummeted.
On the afternoon of February 6, the world gold price only slightly decreased to around 2,863 USD/ounce. The decrease was less than 10 USD/ounce compared to the morning, but the domestic gold market had strange movements when the price of SJC gold bars and 99.99 gold rings simultaneously plummeted.
SJC, PNJ, Bao Tin Minh Chau, and Mi Hong companies "turned around" and lowered the price of SJC gold bars to a million dong lower than in the morning. Accordingly, the buying price of SJC gold bars was 86.9 million dong/tael, and the selling price was 90.1 million dong/tael, down 1.1 million dong/tael compared to the morning. Mi Hong sold gold bars at 88.7 million dong/tael.
The difference between buying and selling prices widened to a record level of 3.2 million VND/tael.
Similarly, the price of 99.99 gold rings and jewelry gold of all kinds also decreased sharply, when businesses bought at 86.9 million VND/tael and sold at 90 million VND/tael, down 600,000 VND/tael compared to this morning.
This is a rather strange development and contrary to the upward adjustment trend in recent days. Notably, in previous years, the gold market often decreased on God of Wealth Day and increased sharply before God of Wealth Day, quite strange compared to previous years.
Customers buy gold at PNJ Company branch in District 3, morning of February 6 (9th day of Lunar New Year)
Gold expert Tran Duy Phuong said that although the world gold price remains high and has not made any significant adjustments, the domestic gold price has plummeted as selling pressure in the market has overwhelmed it.
"The people who sold gold were those who bought gold at the price of 83-86 million VND/tael, and have been taking profits since yesterday afternoon until now. Meanwhile, the people who bought gold mainly bought smaller quantities, to bring luck on the God of Wealth day. The increased supply caused the price to drop rapidly," said Mr. Phuong.
According to a reporter from Nguoi Lao Dong Newspaper, the demand for buying gold at some business locations in Ho Chi Minh City this morning was also less than in previous days.
At the PNJ Company branch in District 3, Ho Chi Minh City, this morning, customers mainly came to buy gold jewelry, plain gold rings and lucky gold products. The company displayed 1-tael SJC gold bars waiting for customers to buy, while 1-chi and 2-chi gold bars were out of stock.
SJC gold bar price suddenly plummeted this afternoon
Mr. Nguyen Thanh (living in District 1, Ho Chi Minh City) said that he just bought 2 taels of plain gold ring for good luck at the beginning of the year. Because he bought gold on the occasion of God of Wealth with the hope of bringing good luck, he did not care about the price of gold.
According to experts, if you buy gold for investment during the God of Fortune Day, you should consider carefully because the gold price is at its peak and is likely to decrease after a period of rapid increase. If you buy gold for luck in small quantities, you do not need to worry about the price.
Source: https://nld.com.vn/sat-ngay-than-tai-gia-vang-co-dien-bien-la-196250206142943387.htm
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