Gold prices plummeted by 1.2 million VND per tael due to strong profit-taking selling pressure.

After reaching a peak of 106.4 million VND/ounce, domestic gold prices plummeted by 1.2 million VND/ounce by the end of April 11th due to strong profit-taking selling pressure.

People sell gold to lock in profits as SJC gold bar prices reach 106.4 million VND/ounce - Photo: TTD

Gold prices plummeted due to profit-taking.

On the afternoon of April 11th, SJC company reduced the price of SJC gold bars from 106.4 million VND/ounce to 105.2 million VND/ounce, a decrease of 1.2 million VND/ounce. The buying price also decreased correspondingly to 102.2 million VND/ounce.

However, compared to yesterday, the price of SJC gold bars still increased by 1.3 million VND/ounce in both buying and selling prices.

The difference between the buying and selling price of gold remains very high: 3 million VND per tael.

Meanwhile, the selling price of 9999 gold rings at SJC Company is 800,000 VND/ounce lower than the selling price of gold bars, at 104.4 million VND/ounce (selling price), but the buying price is pushed much further down: 3.3 million VND/ounce.

This is also a noteworthy development because previously the selling price of gold bars and gold rings at SJC Company was the same. However, since the beginning of this week, the gap between the selling and buying prices of gold bars has continuously widened.

At PNJ Company, the selling price of SJC gold bars also decreased to 105.2 million VND/ounce, while the buying price was 102.2 million VND/ounce.

However, the selling price of 9999 gold rings is 900,000 VND/ounce lower than the price of SJC gold bars, at 104.3 million VND/ounce for buying and 100.8 million VND/ounce for buying.

At Bao Tin Minh Chau Company, the selling price of 9999 gold rings is 104.5 million VND/ounce, while the buying price is 100.9 million VND/ounce.

Domestic gold prices unexpectedly dropped sharply due to profit-taking. According to Tuoi Tre Online , today, April 11th, a large crowd of people lined up to sell gold at the SJC company headquarters on Nguyen Thi Minh Khai Street (District 3, Ho Chi Minh City), primarily selling SJC gold bars. Some sold only one tael (approximately 37.5 grams), while others sold larger quantities.

Due to the large number of people waiting to sell gold, they had to queue and wait for their turn. Meanwhile, very few people were buying at the current price. This morning, a few customers bought 9999 gold rings in quantities of 1-2 taels.

The reason people are selling is because the price of gold has increased by more than 6 million VND/ounce in just the last three days. Therefore, even with a difference of up to 3 million VND/ounce between the buying and selling prices, those who bought gold recently are still making huge profits.

Global gold prices hit a new record, but warning signs emerge.

People waiting to sell gold this afternoon - Photo: TTD

At 9 PM on April 11th, the world gold price briefly touched $3,240 per ounce – a new record high. However, shortly afterward, the world gold price dropped back to $3,227 per ounce.

Global gold prices surged amid China's announcement of additional tariffs of up to 125% on US goods, effective April 12.

Based on the exchange rate listed at the bank, the world gold price is equivalent to 100.7 million VND per tael.

Compared to the converted world gold price, the domestic gold price is currently about 4.5 million VND/ounce higher.

Following the recent sharp increase in global gold prices, warnings have emerged. According to expert Tran Duy Phuong, the price of gold has risen by as much as $250 per ounce in just two days.

"It seems that gold prices had already risen ahead of the news of China imposing retaliatory tariffs against the US. Therefore, when China announced this information, world gold prices did not surge," Mr. Phuong commented.

At the same time, he also warned that the rule in the market is "buy the rumor, sell the fact" (buy when there is a rumor and sell when the information is released), therefore, after China announced the increase in retaliatory tariffs against the US, the price of gold in the world is likely to adjust.

Please follow the developments of domestic gold prices here.

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Source: https://tuoitre.vn/gia-vang-boc-hoi-1-2-trieu-dong-luong-do-luc-ban-chot-loi-qua-manh-2025041121184472.htm