Gold prices today fell dramatically, gold buyers suffered heavy losses

Today's gold price, SJC gold ring price, and gold bar price have dropped sharply compared to the 100 million VND/tael mark. The drop in gold price has caused heavy losses for gold buyers at the peak.

Gold prices fell dramatically today

Gold price today 3/22, gold price decreased sharply in both buying and selling directions. The difference in gold buying and selling price widened, about 3 million VND.

Gold price today, gold ring price, SJC gold bar price listed at Bao Tin Minh Chau

At 4:00 p.m., Saigon Jewelry Company Limited – SJC listed the price of SJC gold bars at 94.4 - 97.4 million VND/tael for buying and selling.

At the same time, Bao Tin Minh Chau is listing the price of gold bars at 94.8 - 97.4 million VND/tael for buying and selling.

Compared to 2:00 p.m. yesterday, SJC gold price at Bao Tin Minh Chau has decreased by 1.3 million VND/tael for buying and 1.2 million VND/tael for selling.

But compared to the time when gold price peaked at 11am on March 19 with the selling price of 100 million VND/tael, today, gold price has decreased by 2.6 million VND/tael.

Similarly, the price of gold rings is also being bought and sold by Bao Tin Minh Chau at 96.1 - 98.6 million VND/tael, down 2.4 million VND/tael in selling price compared to the peak of 100 million VND/tael set on March 19.

Domestic gold prices fell following the decline in world gold prices. At 4 p.m. on March 22, world gold prices were around $3,023/ounce.

The world gold price today decreased mainly due to the strengthening of the USD and investors' profit-taking activities, despite the ongoing economic and political tensions. However, the expectation that the US Federal Reserve (Fed) will cut interest rates this year helped gold record its third consecutive week of increase.

Investors and gold buyers suffer heavy losses

Gold prices today in the country and in recent days often increase and decrease more sharply than world gold prices. Notably, gold trading enterprises are currently widening the buying and selling gap from 1.5 - 1.7 million VND/tael to 2.5 - 3 million VND/tael when gold prices decrease in just 1 day.

Gold prices fell sharply today, gold buyers suffered heavy losses. Photo: Ngoc Hung

In the context of the massive drop in gold prices, many investors and people who bought gold for investment before have suffered heavy losses.

Specifically, at the time when the price of gold bars and gold rings exceeded 100 million VND, many people still lined up to buy gold even though the gold company only limited the purchase of 0.5 to 1 tael of gold ring/person or 1 tael of SJC gold bar/person.

At that time, if investors and people wanted to buy 5 taels, they had to queue up to 10 times if the gold shop only sold 0.5 taels/purchase.

Thus, the gold price today dropped sharply at the end of the week, those who bought gold at the 100 million VND/tael range, if they sell at this time will lose 4-5 million VND. This afternoon, gold trading enterprises only bought gold at 94-95 million VND/tael.

According to Kitco, gold prices still have room to increase in the short term, however, the market is gradually lacking momentum as prices remain above $3,000/ounce.

Source: https://congthuong.vn/gia-vang-hom-nay-giam-o-at-nguoi-mua-vang-lo-nang-379502.html