At 9:30 AM on February 14th (the 5th day of Lunar New Year), SJC gold price was quoted by some businesses in Ho Chi Minh City at 77 million VND per tael for buying and 77.6 million VND per tael for selling, which is a decrease of 200,000 VND per tael compared to the previous day.
The price gap of SJC gold among businesses and gold shops continues to be significant. Mi Hong Company traded SJC gold at around 76.8 million VND per tael for buying and 77.8 million VND per tael for selling, which is a decrease of 400,000 VND per tael compared to the closing price before Lunar New Year holiday.
Meanwhile, companies like SJC and PNJ closed before the Lunar New Year holiday with SJC gold price at 76.7 million VND per tael for buying and 78.9 million VND per tael for selling. This price level is more than one million VND per tael higher than that of gold shops.
Domestic gold price sharply declined, both SJC and wedding gold
The price of wedding gold and 24K gold jewelry continues to go down. Currently, the price of wedding gold at gold shops is around 62.4 million VND per tael for buying and 62.8 million VND per tael for selling, which is a decrease of approximately 350,000 VND per tael compared to the previous day.
The branded wedding gold prices of PNJ and SJC have been maintained at high levels around 63.4 – 64.6 million VND per tael for buying and selling. The reason is that gold businesses have not reopened for trading after the holiday, while gold shops have reopened since the 4th day of Lunar New Year.
The domestic gold price has been plummeting in response to the free fall of the global gold price. In the international market, the gold price at 9:30 AM (Vietnam time) was traded at 1,991 USD per ounce, a decrease of about 30 USD per ounce, equivalent to a decrease of 900,000 VND per tael.
Global gold price plunges
This precious metal dropped below the 2,000 USD per ounce level after the US announced that the consumer price index for January 2024 was higher than expected, reflecting that inflation has not cooled down yet. The sell-off in stocks and the strengthening of the USD have put immense downward pressure on the gold price.
Currently, the gold price in the world, converted based on the quoted exchange rate, is only 59 million VND per tael, which is lower than the wedding gold by 3 million VND and lower than SJC gold by over 18.5 million VND per tael.
With the market development on the global scale, some gold companies predict that the domestic gold price may sharply decrease after the Lunar New Year holiday.
