Queuing up to sell gold when price exceeds 106 million VND/tael

On the afternoon of April 11, gold businesses such as SJC and PNJ simultaneously reduced the buying and selling price of SJC gold bars by about 1.2 million VND/tael compared to the morning, down to 102.2 million VND/tael for buying and 105.2 million VND/tael for selling.

Similarly, the price of 99.99 gold rings and jewelry gold of all kinds was also traded around 101.1 million VND/tael for buying in the afternoon, 104.4 million VND/tael for selling, down 1 million VND/tael compared to the morning.

According to some businesses, domestic gold prices "turned around" and decreased as many people rushed to sell to take profits.

Specifically, in the morning and early afternoon of April 11, at the headquarters of SJC Company in District 3, Ho Chi Minh City, there was a situation where many customers came and had to wait in line for their turn to make transactions, mainly to sell gold.

Gold expert Tran Duy Phuong said many people sold gold to make a profit when the domestic gold price exceeded 106 million VND/tael – much higher than previous forecasts. Not only SJC but also some gold shops temporarily stopped buying due to a large number of customers or not having enough cash to pay. Therefore, the gold price dropped rapidly.

Xếp hàng để bán vàng khi giá vượt 106 triệu đồng/lượng- Ảnh 2. — Customers queue up for their turn to make a transaction at SJC company today.

The pressure to sell gold comes from the excessive and rapid increase in recent days. In fact, in just the past 2 days, each tael of SJC gold bars and gold rings has increased by a total of 6 million VND/tael. Those who bought SJC bars and gold rings at the 100 million VND/tael mark last week would have made a profit if they had sold them this morning.

Due to the rapid and strong fluctuations in gold prices, businesses have widened the buying and selling margin to 3 million VND/tael.

Domestic gold prices increased sharply due to the influence of world prices. In the international market, the gold price today at 3:30 p.m., Vietnam time, was traded at 3,218 USD/ounce, stable compared to the morning. In contrast, the price of SJC gold bars and gold rings cooled down due to profit-taking pressure from domestic people.

The world gold price has also exceeded all forecasts and is at its highest peak ever. In just 2 days, the gold price increased by about 200 USD/ounce and then climbed to a historical peak.

Currently, the world gold price converted according to the listed exchange rate is about 100.5 million VND/tael.