Gold price drops 2.5 million VND/tael, experts make surprising predictions

In this afternoon's trading session, the domestic SJC gold price reversed, increasing and decreasing continuously. At 2:00 p.m., Saigon Jewelry Company Limited - SJC listed it at 77.8 million VND/tael for buying and 80.3 million VND/tael for selling.

However, at 2:30 p.m., the price of SJC gold at this unit skyrocketed by 200,000 VND in both buying and selling directions, raising the current price to 78 million VND/tael for buying and 80.5 million VND/tael for selling.

Giá vàng giảm sốc 2,5 triệu đồng/lượng, chuyên gia đưa ra dự báo bất ngờ

Gold price listed at Saigon Jewelry Company Limited - SJC. Screenshot at 2:00 p.m. on March 13, 2024

Gold price listed at Saigon Jewelry Company Limited - SJC at 2:30 p.m. on the same day, March 13, 2024, that is, after 30 minutes, the gold price increased by VND 200,000/tael in both buying and selling directions.

Similarly, at 2:30 p.m. on March 13, 2024, Bao Tin Minh Chau gold brand listed the price of SJC gold at VND 78.05 million/tael for buying and VND 80.55 million/tael for selling.

At 3:00 p.m. the same day, the price of SJC gold at this unit dropped again. Currently, the price of SJC gold at Bao Tin Minh Chau is trading at 77.65 million VND/tael for buying and 80.05 million VND/tael for selling.

Thus, after only 30 minutes, the price of SJC gold at this brand suddenly plummeted, down 400,000 VND in buying and down 500,000 VND in selling.

Gold price listed at Bao Tin Minh Chau. Screenshot at 3:00 p.m. on March 13, 2024

Compared to the early morning of the same day, the domestic price of SJC gold decreased by 2.5 million VND/tael. This is a record price decrease in one day, from 82.5 million VND/tael at the end of yesterday's session to now at 80 million VND/tael.

The domestic gold price has dropped sharply, equivalent to the decrease in the world gold price. In the international market, each ounce of gold has decreased by 20 USD in the past 24 hours, to 2,158 USD/ounce, converted according to Vietcombank's selling rate, equivalent to 64.55 million VND/tael. The difference between the price of gold bars and plain rings compared to the world price is currently more than 17 million VND and 4.5-5.5 million VND/tael, respectively.

According to analysis from economic experts, this afternoon's domestic gold price decreased because in recent days, the price of SJC gold and gold rings have increased sharply, continuously setting unprecedented high records.

In the context of unpredictable gold prices, the number of people coming to buy gold is still larger than the number of sellers. According to a representative of Bao Tin Minh Chau, this morning the number of buyers and sellers was 55% buyers and 45% sellers.

Ms. Uyen Huong (Hoang Mai, Hanoi) said that this afternoon, the price of SJC gold dropped dramatically, so I took the opportunity to buy. Although the price of gold is at a high level, I believe that with factors from the international market such as geopolitical conflicts, interest rates continuing to decrease... the domestic gold price will continue to increase and set many new price records.

In the context of unpredictable gold prices, the number of people coming to buy gold is still larger than the number of sellers. Illustrative photo

Although domestic prices are on the decline, according to experts, gold buyers need to be careful of risks because the difference between domestic and world gold prices is high, about 17 million VND, and the difference between buying and selling prices is also high, which can be disadvantageous for gold investors when the market fluctuates.

Forecasting the domestic gold bar price in the coming time, some economic experts believe that if there is policy intervention from the management agency, the gold price will decrease. At the same time, if the State Bank has not yet had a policy to intervene in the gold market, the gold price is forecast to have room to increase due to the impact of the world gold market.

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