At 3pm, SJC Company listed the price of SJC gold at 78 million VND/tael for buying and 80.5 million VND/tael for selling, decreasing 2 million VND per tael compared to the end of yesterday. The price difference between buying and selling gold surged to 2.5 million VND/tael.
Some other businesses traded SJC gold below the 80 million VND/tael mark, such as DOJI Group listed buying at 77.5 million VND/tael and selling at 79.9 million VND/tael, losing more than 2.5 million VND/tael.
Not only SJC gold but also 24K rings, jewelry also sharply decreased in price. This afternoon, SJC Company quoted the price of 99.99 smooth round rings at buying 67.2 million VND/tael, selling 68.5 million VND/tael, decreasing nearly 2 million VND/tael compared to the previous day.
Gold prices falling domestically
Some gold companies in Ho Chi Minh City said that in the day, many people sold SJC gold and 24K rings to take profits after many days of strong growth, causing the price to plummet. In the afternoon, selling pressure continued to increase, causing domestic gold prices to fall more than world prices. However, there are still many people buying in with the expectation that gold prices will return to the old peak.
At 3:30 pm, Vietnam time, the world gold price was at 2,158 USD/ounce, stable compared to the morning while SJC gold and 24K rings decreased another million VND/tael.
The director of a gold company confirmed that in the context of the world gold price possibly continuing to decrease more has affected the psychology of people holding gold domestically.
“The sharp drop in gold prices is due to many people being afraid that the price will further decrease, so they rush to sell, while the price is increasing, they go to buy with the expectation that it will continue to increase. This makes domestic gold prices decrease faster than world prices” – said the director of this company.
Gold prices plummeted in the afternoon
