The sharp price drop caused buyers to lose more than 10 million VND/tael overnight.

On the morning of April 19, customers came to Saigon Jewelry Company - SJC (Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City) to sell gold. Supply exceeded demand, so the company no longer limited the number of customers buying 1 tael as in previous days. Bao Tin Minh Chau Company ( Hanoi ) also sold each customer 10 taels of gold rings, if they wanted to buy more, they could come back the next day. SJC gold bars were still out of stock. On gold forums, the number of members selling gold was greater than buying.

Gold sales increase

Gold selling pressure increased when Deputy Prime Minister Ho Duc Phoc requested the State Bank to implement solutions according to regulations to stabilize the gold market ; further strengthen inspection, examination and strictly handle violations according to regulations, not to let profiteering, manipulation, price fixing, speculation... Because of the increased selling pressure, the gold price continuously decreased sharply throughout the morning of April 19, from 5 - 7.5 million VND per tael. SJC Company adjusted the price of SJC gold bars 5 times in the morning alone, which rarely happens on Saturday trading days. The price of SJC gold bars decreased by 5 million VND, down to 115 million VND; while the buying price decreased even more sharply, up to 6 million VND, down to 111 million VND. As the unit with the highest selling price of SJC gold bars, up to 122.5 million VND/tael, Mi Hong Company has sharply reduced it to 115 million VND/tael, buying price to 112 million VND. Phu Quy Company has reduced the gold price to the lowest level, buying price to 110.5 million VND, selling price to 114.5 million VND.

Similarly, the price of gold rings also dropped sharply from 5 - 5.8 million VND per tael, in which the buying price decreased faster than the selling price. Bao Tin Minh Chau Company bought gold rings for 110.7 million VND, sold for 114.5 million VND. Phu Quy Company bought for 109.5 million VND, sold for 113.5 million VND. Doji Group bought for 109.5 million VND, sold for 113.5 million VND. SJC Company bought for 109.5 million VND, sold for 113.5 million VND...

The sharp drop in gold prices has narrowed the gap between domestic and international prices to VND10 million per tael instead of VND16 million per tael. The world gold price stood at USD3,327 per ounce. In addition, the gap between domestic gold buying and selling prices increased to VND4 million per tael. As a result, those who lined up to buy gold on April 18 suffered heavy losses of VND9 - 10.5 million per tael overnight./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/luc-ban-vang-tang-gia-giam-sau-khien-nguoi-mua-lo-hon-10-trieu-dong-luong-185250419122004372.htm

Source: https://baolongan.vn/gia-giam-sau-khien-nguoi-mua-lo-hon-10-trieu-dong-luong-sau-mot-dem-a193782.html