On the evening of November 1st, several gold shops in Ho Chi Minh City and other provinces reported a gold price for SJC gold bars at 153.5 million VND per tael for buying and 156.5 million VND per tael for selling, a further decrease of 2.5 million VND compared to the morning.
In just one day, the price of SJC gold bars in the free market dropped by over 3 million VND per tael.
Compared to the historical peak of around 177 million VND in mid-October, the price of SJC gold bars in the free market has decreased by more than 20 million VND per tael.
Meanwhile, by the end of November 1st, major gold companies maintained a stable price for SJC gold bars at around 146.4 million VND per tael for buying and 148.4 million VND per tael for selling.
From the peak of 154.6 million VND per tael, the price of SJC gold bars has been adjusted downward by major companies by over 8 million VND.
For 99.99% gold rings and jewelry, major companies are trading at around 143.6 million VND per tael for buying and 146.1 million VND per tael for selling, which is over 2 million VND lower than SJC gold bars.
According to some companies, the rapid decline in the price of SJC gold bars in the free market follows news that regulatory authorities will intensify inspections of gold trading activities.
SJC gold bar prices in the free market have seen a sharp decline.
In the global market, gold prices closed the week at $4,003 per ounce, equivalent to approximately 127.2 million VND per tael based on the listed exchange rate, which is over 21 million VND lower than SJC gold bars.
SJC gold bar prices in the free market have dropped by over 20 million VND from their peak but remain higher than those at major gold companies.
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