SJC gold bar price drops sharply following world market trend

(NLDO) – In line with world gold prices, SJC gold bar and gold ring prices both fell this morning.

SJC gold bar price drops sharply, losing 700,000 VND/tael

On the morning of July 24, the domestic gold market simultaneously adjusted sharply downward, marking a reversal after many consecutive days of increase. According to records, the price of SJC gold bars listed by companies such as SJC, PNJ, DOJI was around 120 million VND/tael for buying and 122 million VND/tael for selling, down 700,000 VND per tael compared to the previous trading session.

At the same time, the price of 99.99% gold rings and jewelry gold also decreased by VND500,000/tael, currently trading at VND115 million for buying and VND117.5 million for selling.

Domestic gold price goes down following world price

The downward trend of domestic gold is directly reflected in the world market, where the spot gold price at 9:00 a.m. (Vietnam time) fell to $3,388/ounce. Compared to the peak recorded last night, the price has "evaporated" nearly $60/ounce, equivalent to VND1.9 million/tael, a significant adjustment in the short term.

Why?

According to experts, profit-taking pressure after a series of hot gold prices is the main reason for the price drop. Investors took advantage of the opportunity to "realize profits" when gold reached its highest peak in many weeks.

In addition, the positive developments from the trade agreement between the US and Japan - considered a turning point - have increased risk appetite in the global financial market. Money flows quickly shifted away from safe-haven assets such as gold and poured into investment channels with higher yields such as stocks.

In particular, the agreement between the two major economies includes the US imposing a 15% tariff on imports from Japan, in return for Tokyo pouring $550 billion into infrastructure and technology projects in the US. President Donald Trump described this as the "largest trade deal ever", expecting to boost growth and create more jobs. This contributes to reducing the attractiveness of gold as a financial shelter.

Currently, the world gold price converted at the listed exchange rate is only equivalent to about 107.5 million VND/tael, significantly lower than the domestic gold price. This difference of up to more than 14 million VND/tael continues to be a common paradox in the Vietnamese market: domestic gold "stabilizes" despite a sharp decline in the world price.

Source: https://nld.com.vn/gia-vang-mieng-sjc-giam-manh-196250724091836861.htm