Gold prices plummeted, resulting in massive losses for short-term investors.

Gold price today, gold price suddenly dropped very sharply. After 24 hours, each SJC gold tael sold decreased by 6 million VND/tael, gold ring price also dropped very sharply.

Gold prices dropped sharply today.

Gold price today, April 19, gold price dropped sharply. At 4:30 p.m., Saigon Jewelry Company Limited - SJC listed SJC gold price at 112 - 114 million VND/tael for buying - selling.

Bao Tin Minh Chau is also selling SJC gold at 112 - 114 million VND/ounce for buying and selling. The difference between the buying and selling price of SJC gold bars has narrowed to 2 million VND/ounce today.

Today, Bao Tin Minh Chau is buying and selling gold rings at 111-114 million VND/ounce for buying and selling respectively. Saigon Gold, Silver and Gemstone Company Limited is buying and selling gold rings at 109.5-113.5 million VND/ounce. The difference between the buying and selling price of gold rings is currently 3-4 million VND.

Gold price drops 6 million VND/tael, many gold buyers are confused. Photo: Ngoc Quy

Gold prices today have been sharply reduced by all gold trading establishments. Compared to 3pm on April 18, Saigon Jewelry Company Limited has adjusted down 5 million VND for buying and 6 million VND for selling for SJC gold.

And the price of gold rings was adjusted down by 4.5 million VND/ounce for buying and 3.5 million VND/ounce for selling.

Gold investors panic

Domestic gold prices today fell sharply right after the Deputy Prime Minister 's direction, requesting the State Bank to have solutions to stabilize the gold market.

Government leaders have instructed relevant functional units to proactively implement communication measures to stabilize public sentiment. They also called for further strengthening inspection and enforcement efforts, strictly handling violations according to regulations, and preventing profiteering, manipulation, price fixing, and speculation in the gold market.

Immediately after the gold price was adjusted down sharply, many investors were confused and worried because they had "jumped the peak" to buy gold for investment.

Mr. Trung Thanh (Hoan Kiem, Hanoi ) said that on the days when gold prices reached record highs, he and his wife waited in line for hours to buy gold for investment. In the previous days, when gold prices were high, gold shops sold in small quantities, but today, when gold prices cooled down, gold shops freely released gold to the market.

“With the belief that gold prices would rise in the near future, my wife and I lined up to buy gold when the selling price was 120 million VND/ounce. Today, the price has dropped by 6 million VND, and my family is confused, wondering if our decision to buy gold as an investment was the right one,” Mr. Trung shared, but remains optimistic, believing that gold prices could still rise despite the economic impact of trade policies.

In the international market, the spot gold price closed the weekend session at 3,327 USD/ounce, converted according to Vietcombank's selling rate, equivalent to 104.8 million VND per tael.

Hoang Giang

Source: https://congthuong.vn/gia-vang-giam-cuc-manh-dau-tu-luot-song-thanh-lo-nang-383899.html