Gold price dropped sharply this morning, buyers of SJC gold bars may suffer heavy losses

(NLDO) - The price of SJC gold bars has decreased by nearly 2 million VND in just the past few days, causing those who bought gold at the peak to suffer heavy losses if they sell now.

On the morning of July 26, domestic gold prices continued to decline. SJC, PNJ, and DOJI companies simultaneously lowered the price of SJC gold bars to VND119.6 million/tael for buying and VND121.1 million/tael for selling - a decrease of VND600,000 compared to yesterday morning, marking the fourth consecutive day of decline.

In a few days, gold bars decreased by nearly 2 million VND/tael.

The price of 99.99% gold rings and jewelry gold was also adjusted to 114.5 million VND/tael for buying and 117 million VND/tael for selling - down about 500,000 VND compared to yesterday.

Thus, both the price of SJC gold bars and gold rings have fallen simultaneously. The price of gold bars has fallen even more sharply than that of gold rings, causing those who bought a few days ago to lose millions of dong if they sell now.

It is noteworthy that the buying and selling price range of SJC gold bars continues to narrow to only 1.5 million VND/tael, lower than the 2.5 million VND/tael of gold rings.

This development is quite surprising, partly showing that the demand for gold bar trading is showing signs of slowing down, causing businesses to adjust the amplitude to stimulate buying and selling power.

In fact, the price of SJC gold bars is 14-15 million VND/tael higher than the world gold price and many people expect this gap to narrow with the new policies of the State Bank. Therefore, many people are not in a hurry to buy gold bars at this time.

SJC gold bar prices have plummeted in the past few days. Photo: Tan Thanh

Silver and crude oil prices also fell.

Domestic gold prices are fluctuating according to world prices. International gold prices closed the trading week at 3,336 USD/ounce, down about 33 USD compared to the previous session.

Compared to the peak a few days ago, the price of this precious metal has decreased by 100 USD/ounce (equivalent to about 3.2 million VND).

This is a very strong adjustment in the world gold price. Not only gold, other assets such as silver also decreased by 2.33% in the trading session last night and early this morning, to 38.08 USD/ounce. Similarly, crude oil also decreased by 1.32%, to 65.1 USD/barrel.

According to analysts, the recovery of the USD, with the DXY index rising to 97.5 points, has promoted profit-taking activities in gold.

In addition, recent information showing positive prospects for a trade agreement between the US and the EU also caused investor sentiment to shift to riskier assets, weakening gold's role as a haven.

Source: https://nld.com.vn/gia-vang-sang-nay-giam-sau-nguoi-mua-vang-mieng-sjc-co-the-lo-nang-196250726093114727.htm