Gold price today December 28: Price falls freely

Each tael of gold bar at the end of the day reversed to increase by 1.5 million VND after falling sharply by 4 million VND in the previous two hours, up to 77.5 million VND.

At 3:50 p.m., each tael of gold was listed by Saigon Jewelry Company at VND74.5 - 77.5 million per tael, an increase of VND1.5 million compared to two hours ago. However, the buying and selling difference remained at VND3 million. This price was maintained until the end of the day.

At DOJI , prices also reversed and increased rapidly, but the buying and selling gap widened to VND5.5 million per tael. The buying price is currently VND72 million, while the selling price is VND77.5 million.

The price of gold bars increased while the world price decreased by tens of USD to 2,077 USD. After many strong adjustments during the day, the price of SJC gold bars narrowed the gap with the world price to more than 16 million VND per tael, instead of 20 million VND like yesterday.

Previously, the price of SJC gold had experienced a short period of free fall. At 1:45 p.m., SJC suddenly adjusted its price to 74 - 77 million VND per tael. DOJI also reduced its price to 74 - 77 million VND per tael. This price decreased by nearly 3 million VND compared to early this morning, an unprecedented strong adjustment.

The buying and selling gap was also widened to VND3 million, double that of yesterday. This move is often applied by gold businesses when prices fluctuate strongly to limit risks.

At around 2:30 p.m., Saigon Jewelry Company (SJC) adjusted the gold price down by another million compared to half an hour earlier, to 73 million for buying and 76 million for selling. DOJI also reduced the selling price to 76 million, but the buying price was only 72 million, the buying and selling margin widened to 4 million.

Unlike the "dancing" of gold bars, the price of gold rings and jewelry this afternoon remained stable at around 63-64 million VND per tael, unchanged from recent days. The buying and selling margin for this type of product remained below 1 million VND.

Domestic gold prices fell sharply after Prime Minister Pham Minh Chinh sent a telegram to the State Bank and ministries on solutions to manage the gold market late on December 27, including a request to regulate domestic prices according to the market and not let them be higher than international prices.

At gold shops in Ho Chi Minh City this afternoon, despite strong price fluctuations, many people still came to trade, mainly gold bars.

Customers transact at the SJC gold bar counter at Nguyen Thi Minh Khai, District 5, Ho Chi Minh City. Photo: Quynh Trang

At 2:50 p.m., customers were coming and going continuously at the SJC gold bar counter on Nguyen Thi Minh Khai Street (District 5), including both buyers and sellers. Some people saw the price drop so they came to buy 5 more taels.

In just half an hour, there were about 40-50 customers coming to buy and sell gold bars, more lively than jewelry transactions. Many customers were disappointed when they saw the widening gap between buying and selling prices, some called relatives to ask before closing the sale.

A couple in District 5 said they bought it when the price was 60 million VND. "Yesterday, I saw the price was 80 million VND but I didn't sell it. Now, seeing it drop sharply, I'm selling it because I'm afraid it will drop further," the husband said.

Another elderly customer brought 3 taels of gold that she had been given as a gift to sell because she saw the price. But when she arrived, the price had dropped sharply, and the staff advised her not to sell it if she didn't need the cash yet, as she might lose money when the price difference was so high. "But I still decided to sell it because I was afraid it would drop further," she said.

In Hanoi, the trading atmosphere was also more lively as the price of gold bars dropped rapidly. At 3:20 p.m., at a gold shop on Xuan Thuy Street, Cau Giay, the number of customers coming and going was so busy that the staff had to add plastic chairs for customers to sit and wait their turn to pay.

Although the price has been continuously decreasing, the number of buyers is still slightly higher. The impatient psychology after many days of gold prices being high is part of the reason why many people are buying gold now. Mr. Vu (Cau Giay) said he took a 30-minute break in the afternoon to buy two taels of gold bars. In recent days, the gold price has been hovering around 80 million VND, making him hesitate. "I've been waiting for a long time, now the price has decreased so I can buy. In the long term, I think gold will definitely go up," he said.

Meanwhile, the fact that stores continuously lower their buying prices and widen the selling price range to 4-5 million makes gold holders afraid to sell at a loss. "In just a few minutes, the gold price dropped by several million, so I changed my intention from selling to buying," said a customer who came to make a transaction. At this store, the buying price of SJC gold bars at 3:30 p.m. was only 71.5 million, while the selling price was 76 million VND per tael.

Gold price board at 3:30 p.m. at a gold shop on Xuan Thuy Street, Cau Giay (Hanoi). Photo: Minh Tuan

According to the State Bank, the main reason for the recent sharp fluctuations in gold prices is psychological factors due to the continuous increase in international gold prices. Trading volume in both buying and selling directions in the past few days has only increased slightly, and in general, there has been no unusual fluctuation.

The monetary authority said it will continue to closely monitor developments in the gold market and be prepared to deploy stabilization interventions when necessary. In January 2024, the authority will submit a report summarizing Decree 24, including proposals to amend and supplement a number of regulations on gold market management to suit the new market context. Given the complex and unpredictable developments in the international and domestic gold markets, the State Bank recommends that people be cautious when trading gold.

After a long period of "stasis" despite strong fluctuations in the world, the price of SJC gold bars in the past two months has suddenly increased rapidly and strongly, widening the gap between the two markets. At its peak, on December 26, despite the world market moving sideways and increasing slightly around the 2,050 USD per ounce mark, the domestic gold bar price "surged" by increasing by 2 million VND in a day and setting a record of over 80 million VND per tael, 20 million VND more expensive than the international price. In the past two days, the price of SJC has remained around this high mark.

Experts say that the scenario of gold prices skyrocketing and falling freely is not the first time. Gold bar prices have increased faster, developed out of phase or decreased more slowly than the world price. Last year, gold bars caused a stir when the gap with the world price was over 20 million VND.

Explaining this phase difference, experts say that the gold bullion market is a special market, often called an imperfect market. This is a special commodity because demand is increasing but supply has "stayed static for many years".

Minh Son - Quynh Trang

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