SJC gold bar price drops sharply, leaving historical peak amid plummeting world prices

On the morning of August 20, the price of SJC gold bars was listed by major gold businesses at 123.8 million VND/tael for buying and 124.8 million VND/tael for selling, down 200,000 VND per tael compared to yesterday. The price of SJC gold bars fell from its historical peak after many days of maintaining this high level.

The difference between the buying and selling price of SJC gold bars continues to be maintained at only 1 million VND, much lower than the difference of 2-3 million VND/tael in the previous period.

Meanwhile, in the free market, some small shops continue to maintain the price of SJC gold bars at a high level, around 124.9 million VND/tael for buying, 125.7 million VND/tael for selling, nearly 1 million VND/tael higher than at large gold companies.

For 99.99% gold rings and jewelry gold, businesses traded around 116.8 million VND/tael for buying and 119.4 million VND/tael for selling, down 100,000 VND/tael compared to yesterday.

Giá vàng miếng SJC giảm mạnh , rời đỉnh lịch sử trong bối cảnh giá thế giới lao dốc - Ảnh 2. — SJC gold bar price suddenly dropped sharply this morning

In the international market, today's gold price is trading at 3,316 USD/ounce, down about 30 USD/ounce compared to yesterday.

Precious metals plunged as the USD index (DXY) jumped sharply to 98.4 points, up about 0.6% from the previous session.

SJC gold bar price is too high compared to world price

According to analysts, the world gold price has decreased in the context of investor sentiment being cautious about the instability of global monetary policy. Signals from the speech of the Chairman of the US Federal Reserve (FED) at the upcoming policy meeting will play a key role in shaping the short-term trend of world gold prices.

Currently, the world gold price converted according to the listed exchange rate is about 105.9 million VND/tael, lower than SJC gold bars by up to 18.9 million VND/tael. This is a very high difference between domestic and world gold prices.

Although the price of SJC gold bars is sky-high compared to the world price, many people still choose it. According to gold expert Tran Duy Phuong, the domestic gold market is fluctuating in price as many people want to buy but it is not easy.

Even in the free market, although the price of SJC gold bars was pushed up to a record VND125.7 million/tael by some stores, the buying price was also up to VND124.9 million/tael. This development reflects the fact that small stores are willing to buy gold at high prices when there are few sellers in the market.

Source: https://nld.com.vn/gia-vang-mieng-sjc-bat-ngo-roi-dinh-lich-su-196250820094009524.htm