Weekend Ending Sees Significant Gold SJC Price Drop

After surging to nearly 79 million dong per tael on February 2nd, the price of SJC gold is now plummeting towards the 78 million dong per tael mark this weekend.

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Specifically at Saigon Jewelry Company, SJC gold price is currently listed at 75.6-78.1 million VND/tael, a decrease of about 700 thousand VND/tael compared to the highest level on Friday. The price of 24k plain gold rings remains unchanged, still at 63.2-64.4 million VND/tael.

Similarly, at Phu Nhuan Jewellery Company (PNJ), SJC gold price also turns down by 500 thousand VND/tael to 75.9-78.3 million VND/tael. DOJI Group adjusts to 75.95-78.25 million VND/tael, and Bao Tin Minh Chau lists at 75.75-78.05 million VND/tael.

In the international market, spot gold price is currently at 2,039 USD/ounce, a decrease of about 15 USD/ounce compared to the highest level of the week. Converted at VND/USD exchange rate, the world gold price is equivalent to about 61 million VND/tael, excluding taxes and fees.

12 analysts participated in Kitco News’ Gold Survey and Wall Street sentiment seems to have shifted to a clear decrease in the short-term prospects for gold. Only two experts, equivalent to 17%, predict that gold prices will increase in the coming week, while 8 analysts, accounting for 66%, predict that gold prices will decrease. Two other experts, accounting for 17%, predict that gold prices will remain unchanged next week.

Meanwhile, 123 votes have been cast in Kitco’s online polls, with the majority of investors maintaining an optimistic attitude. 66 investors, accounting for 54%, expect gold to rise next week. Another 22%, equivalent to 22%, predict that prices will be lower, while 24% of those asked, equivalent to 24%, hold a neutral view on the short-term prospects of the precious metal.

SOURCEcafef
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