Who is openly rejoicing as SJC gold bar prices plummet?

(NLĐO) - The price of SJC gold bars has dropped by 6-7 dong/ounce from its peak of 120-121 million dong/ounce, prompting many people to rush to buy gold to pay off debts.

On the afternoon of April 20th, the price of SJC gold bars was listed by businesses at around 112 million VND/ounce for buying and 114 million VND/ounce for selling.

Similarly, the price of 99.99% pure gold rings and jewelry is listed by businesses at 109.5 million VND/ounce for buying and 113.5 million VND/ounce for selling.

During the week, the price of SJC gold bars reached 120-121 million VND/ounce; the price of gold rings also climbed to 117 million VND/ounce.

The dramatic surge in gold prices has surprised even the most optimistic, especially those who borrowed money in gold. Ms. Khanh Minh (residing in Tan Phu District, Ho Chi Minh City) proudly shared that she had just bought 2 taels of SJC gold bars at 114 million VND per tael to repay her mortgage. Despite the sky-high price of SJC gold bars, Ms. Minh was visibly delighted.

According to Ms. Minh, for the past few weeks, she has been losing sleep and appetite watching the price of gold skyrocket every day, sometimes increasing by several million dong, or even 5-7 million dong in a single day.

"In early March, I bought an apartment in Ho Chi Minh City. Initially, I intended to take out a bank loan, but I found the procedures complicated and the disbursement process slow. Meanwhile, a relative said they had some gold available to lend. At that time, the price of SJC gold bars was around 90 million VND per tael, so I borrowed 5 taels, totaling about 450 million VND," Ms. Minh recounted.

She planned to repay the loan within a year, or after buying the apartment and transferring the ownership, she would mortgage it to the bank to borrow more capital and then buy gold to repay the debt. However, in just a few weeks, the price of SJC gold bars skyrocketed to 100 million VND and then 110 million VND per tael.

The recent dramatic surge in gold prices has left those who borrowed gold extremely worried.

"When the price of SJC gold bars reached 120 million VND/ounce, I was shocked, because with the 5 ounces of gold I borrowed from relatives, I lost 30 million VND/ounce. In total, it would cost an additional 150 million VND if I bought enough gold to pay off the debt. I was so worried I couldn't sleep. So, as soon as I saw the gold price drop sharply at the end of the week, I frantically arranged to buy 2 ounces of gold to ease the pressure," said Ms. Minh.

Reportedly, many people who borrowed gold recently have become impatient seeing the price only rising in one direction, with each peak surpassing the previous one.

Mr. Hoang Nam (residing in District 7, Ho Chi Minh City) said that at the beginning of 2025, he borrowed one tael of gold from a relative to buy a car. The price of gold at that time was around 85 million VND per tael. Currently, the price of gold is around 114 million VND per tael, causing his gold loan to increase by nearly 30 million VND per tael.

"If we consider the peak price of gold bars at 120 million VND, I would have to spend an additional 35 million VND per ounce of gold just to be able to pay off my debt," Nam lamented.

Borrowing gold from relatives and friends for business, buying houses, or cars is a habit that some people have maintained over the years. Although no interest is charged, the rapid and dramatic increase in gold prices in a short period of time has left many people dizzy.

Gold prices dropped by approximately 6 million VND per tael in just one day over the weekend.

Not only individuals, but businesses also face difficulties borrowing gold. For example, Saigon Seafood Trading Joint Stock Company (APT) borrowed 5,833 SJC gold bars from Sacombank in 2009 to supplement working capital. However, the company was later unable to repay the debt, while the debt, calculated based on the price of gold, increased year after year.

As of early 2024, the debt, including principal, interest within the due date, and overdue interest, amounted to over 1,768 billion VND (comprising 103 billion VND and 5,833 SJC gold ounces based on the gold exchange rate on December 31, 2024).

Sacombank is expected to continue auctioning this debt on May 15th, with the starting price set by the bank at only 317 billion VND, a significant reduction compared to previous auctions.

According to APT Company, both loans from Sacombank originated in 2009 and are overdue, but the company is unable to repay the bank. Currently, the Board of Directors and the General Management Board of APT Company are actively negotiating with the bank to find a solution to ensure the company's survival.

Source: https://nld.com.vn/ai-dang-mung-ra-mat-khi-gia-vang-mieng-sjc-lao-doc-196250420170448035.htm