Gold price drops sharply, 'surfing' investment leads to heavy loss

Gold price today suddenly dropped

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

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

Today, Bao Tin Minh Chau is also buying and selling gold rings at 111 - 114 million VND/tael for buying and selling. Saigon Jewelry Company Limited is buying and selling gold rings at 109.5 - 113.5 million VND/tael. The difference in buying and selling gold rings is at 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 the buying price down by 5 million VND and the selling price down by 6 million VND for SJC gold.

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

The Government leader requested relevant functional units to proactively implement information and communication measures to stabilize social psychology. Further strengthen inspection, examination and strictly handle violations according to regulations, not allowing profiteering, manipulation, price fixing, speculation... in the gold market.

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

Mr. Trung Thanh (Hoan Kiem, Hanoi ) said that on the days when gold prices increased to record levels, he and his wife waited in line for hours to buy gold for investment. In the previous days, when gold prices increased, 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 will increase in the near future, my wife and I lined up to buy gold when the selling price was 120 million VND/tael. Today, the gold price has dropped to 6 million VND, and my family is confused, not knowing whether the decision to buy gold for investment is correct” - Mr. Trung shared and remained optimistic, in the context of the economy being affected by many trade policies, the gold price can still increase.

On 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