On the evening of April 18, gold prices dropped dramatically after the Deputy Prime Minister's urgent directive.

On the evening of April 18, the price of SJC gold bars was listed by Mi Hong Company at 115 million VND/tael for buying and 119 million VND/tael for selling - down 2 million VND compared to the morning.

Similarly, Mi Hong also adjusted the price of 99.99 gold rings and jewelry gold down by 2 million VND/tael, down to 111.5 million VND/tael for buying and 115 million VND/tael for selling.

In the free market, many gold shops in Ho Chi Minh City also sharply reduced the price of plain gold rings, down to only 109 million VND/tael for buying and 111 million VND/tael for selling - a loss of 2 million VND compared to the morning.

People lined up to buy gold at SJC Company in recent days, despite the gold price reaching 120 million VND/tael.

The movement of domestic gold prices was quite surprising, right after the urgent directive of Deputy Prime Minister Ho Duc Phoc. Enterprises began to quickly adjust the gold price down from around 6:30 p.m. on April 18.

Meanwhile, many large gold companies such as SJC, PNJ, DOJI, Bao Tin Minh Chau have stopped trading during office hours. The closing price of these companies at the end of the day is around 117 million VND/tael for buying, 120 million VND/tael for selling.

Therefore, the price of SJC gold bars at these businesses has not been adjusted after the Deputy Prime Minister's direction at the end of April 18.

Analysts predict that domestic gold prices will continue to decrease due to the effect of urgent instructions from management agencies.

As reported by Nguoi Lao Dong Newspaper, the Government Office has just issued a document conveying the direction of Deputy Prime Minister Ho Duc Phoc on the domestic gold price movement.

The Deputy Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to closely monitor the situation and developments in the domestic and international financial, monetary, foreign exchange, and gold markets to promptly implement solutions as prescribed to stabilize the gold market.

The Deputy Prime Minister directed to further strengthen inspection and examination work and strictly handle violations according to regulations, not allowing profiteering, manipulation, price fixing, and speculation in the gold market - in accordance with the direction of the Government leaders in Document 1483 dated April 4.

In April 2024, domestic gold prices also continuously increased dramatically. Immediately after that, the Government requested the State Bank to inspect, examine, and strictly handle cases of smuggling, speculation, and gold price manipulation... As a result, the prices of SJC gold bars and gold rings simultaneously plummeted in the following days.

Domestic gold prices fell sharply as world gold prices were closed on April 18 for the Easter holiday. At the close of yesterday's session, world gold prices stood at 3,329 USD/ounce, equivalent to about 104.6 million VND/tael.

Currently, the price of SJC gold bars and gold rings is 12-15 million VND/tael higher than the world gold price.

Source: https://nld.com.vn/toi-18-4-gia-vang-giam-soc-sau-chi-dao-nong-cua-pho-thu-tuong-196250418212338196.htm