At the end of February 16th, the SJC gold price “reversed” after a day of shocking increase. Saigon Jewelry and Gemstone Company (SJC) listed the buying price of gold bars at 76.2 million VND/tael, and the selling price at 78.4 million VND/tael, a decrease of 600,000 VND/tael compared to the morning session.
Many other businesses lowered the price of SJC gold to lower levels, such as DOJI Group selling gold bars at 78.35 million VND/tael. Mi Hong Gold Company lowered the price of gold bars below the 78 million VND/tael mark, buying at only 76.9 million VND/tael and selling at 77.9 million VND/tael.
The highest point of SJC gold reached 79 million VND/tael this morning. The buying and selling fluctuation range maintained by businesses ranged from 1 to over 2 million VND/tael.
The SJC gold price falls sharply at the end of the day
According to some experts, SJC gold prices are usually pushed up close to Thanh Tai [Lucky God] day (the 10th day of the Lunar New Year) to “catch the wave” of people’s demand for lucky gold buying. However, with the current development of SJC gold when it is higher than the world price by 17-19 million VND/tael, some experts believe that buying SJC gold at this time is quite risky.
While SJC gold prices show signs of “jumping” before Thanh Tai day, the prices of gold rings and various types of jewelry in 24K gold are more stable. At the end of the day, the prices of gold rings and jewelry were traded at around 63.5 million VND/tael for buying, and 64.6 million VND/tael for selling, stable compared to this morning.
Domestic gold prices fluctuate strongly as world gold prices continue to recover. At 18:00, according to Vietnam time, precious metals on the international market were traded at 2,007 USD/ounce. Currently, the world gold price converted based on the listed exchange rate is lower than gold rings by about 5 million VND/tael, while it is lower than SJC gold by about 18 million VND/tael.
