Gold price drops sharply, buyers lose up to 5 million VND/tael in 2 days

On the afternoon of May 27, the price of SJC gold bars decreased by 500,000 VND per tael, gold trading companies bought at 115.8 million VND, sold at 118.3 million VND, increasing the daily decrease to 700,000 VND/tael. Similarly, the price of gold rings also continuously decreased by 900,000 VND per tael. Accordingly, Bao Tin Minh Chau Company bought at 113.8 million VND, sold at 116.8 million VND. Phu Quy Company bought at 111.5 million VND, sold at 114.5 million VND... With the same quality of 4-number 9 gold, the price of SJC gold bars is currently 1.5 - 4 million VND per tael higher than that of gold rings.

SJC gold bar price is 14.7 million VND/tael higher than world price

PHOTO: NGOC THANG

Thus, in just the past 2 days after the Prime Minister Pham Minh Chinh 's directive to reduce the gap between domestic gold prices and world prices from over 10% to 1-2%, domestic gold prices have recorded a decrease of about 3 million VND per tael. Those who bought gold last weekend have now lost more than 5 million VND per tael. However, the current price of SJC gold bars is 14.7 million VND per tael higher than the world price, and gold rings are 11-13 million VND per tael higher.

Domestic gold prices fell in line with world precious metal prices. World gold prices fell by 48 USD/ounce during the day, equivalent to 1.5%, to 3,294 USD/ounce. World gold prices have lost the 3,300 USD/ounce price level that has been maintained continuously since last week.