Who is "overjoyed" when the price of SJC gold bars plummets?

On the afternoon of April 20, SJC gold bar prices were listed by businesses at around 112 million VND/tael for buying and 114 million VND/tael for selling.

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

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

The shocking increase in gold prices has surprised even the most optimistic people, especially those who have borrowed gold. Ms. Khanh Minh (living in Tan Phu district, Ho Chi Minh City) boasted that she had just bought 2 taels of SJC gold bars at 114 million VND/tael to pay off her home loan. Although the price of SJC gold bars is still sky high, Ms. Minh is still very happy.

According to Ms. Minh, over the past few weeks, she has been losing sleep over the shocking increase in gold prices every day, sometimes increasing by several million dong, even 5-7 million dong.

"Early last March, I bought an apartment in Ho Chi Minh City. At first, I planned to borrow from the bank but found the procedures complicated and the disbursement took a long time, while my relatives said they had some gold available for loan. At that time, the price of SJC gold bars was about 90 million VND/tael, I borrowed 5 taels for a total of about 450 million VND" - Ms. Minh said.

She planned to repay this loan within 1 year, or after buying an apartment and transferring the pink book, she would mortgage it to the bank to borrow capital and then buy gold to pay off the debt. However, in just a few weeks, the price of SJC gold bars skyrocketed to 100 million VND and then 110 million VND/tael.

The recent shocking increase in gold prices has made those who borrowed gold extremely worried.

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

According to records, many people who have borrowed gold recently have also become impatient when seeing the price increase in only one direction, with the following peak pushing the previous peak.

Mr. Hoang Nam (residing in District 7, Ho Chi Minh City) said that in early 2025, he borrowed 1 tael of gold from a relative to buy a car. The price of gold at that time was about 85 million VND/tael. Up to now, the price of gold is around 114 million VND/tael, causing his gold loan to increase by nearly 30 million VND/tael.

"If we calculate the peak price of gold bars at 120 million VND, I have to spend about 35 million VND more for each tael of gold to be able to pay off my debt," Mr. Nam complained.

Borrowing gold from relatives and friends to do business, buy houses, and buy cars is a habit that some people have maintained over time. Although there is no interest, the rapid and shocking increase in gold prices in a short period of time has made many people dizzy.

Gold price dropped about 6 million VND/tael in just one weekend

Not only individuals, but also businesses that borrow gold have headaches. For example, Saigon Seafood Trading Joint Stock Company (APT) borrowed 5,833 taels of SJC gold bars from Sacombank in 2009 to supplement working capital. However, the company later failed to repay the debt, while the debt calculated based on the gold price increased gradually every year.

As of early 2024, the debt including principal, interest on time and overdue interest amounted to more than VND 1,768 billion (including VND 103 billion and 5,833 taels of SJC gold according to the gold exchange rate on December 31, 2024).

It is expected that on May 15, Sacombank will continue to auction this debt, with the starting price offered by the bank being only 317 billion VND, a sharp decrease compared to previous auctions.

According to APT Company, both loans at Sacombank originated in 2009 and are overdue, but the company has not been able to repay the bank. Currently, the Board of Directors and the General Director of APT Company said they 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