SJC gold price in the free market suddenly dropped sharply

In the free market, gold prices fell sharply due to reduced buying power - Photo: NGOC PHUONG

Free SJC gold price evaporates 2 million VND/tael

Currently, the price of gold that the State Bank sells directly to four banks and SJC Company is still at 75.98 million VND/tael. Then these five units sell gold to the people at 76.98 million VND/tael.

However, due to the limited amount of gold supplied to the market, four banks and SJC Company have limited the amount of gold purchased to only about 1 tael/time.

Recently, SJC Company also stipulated that people can only buy again after 2 weeks. For banks, the purchase limit is 1 week/time.

This created a free gold market with buying and selling prices much higher than those at the four banks and SJC. Many people lined up to buy gold from the four banks and SJC, then resold it to take advantage of the price difference.

Expert Tran Duy Phuong said the trading price of SJC gold bars in the free market in recent days has been at 81.5 million VND/tael. The above price has been maintained until this morning.

However, from noon onwards, the gold price gradually decreased to 81 million VND/tael, then 80 million VND/tael. At the end of the day, the common buying price was only 79.5 million VND/tael.

Thus, in just one day, the price of gold bars in the free market evaporated by 2 million VND/tael. The difference between the gold price sold by four banks and SJC Company decreased to 2.5 million VND/tael.

According to expert Tran Duy Phuong, this is a very remarkable development showing that the State Bank's intervention measures have been effective.

Through 17 gold sales sessions on the market, Mr. Phuong estimated that the State Bank had approved four banks and SJC Company to supply the market with 160,000 - 180,000 taels of gold. Combined with the amount of gold auctioned before, it is estimated that about 9 tons of gold have been brought to the market.

"So those who wanted to buy gold for storage have already bought it. Therefore, today the buying power has weakened significantly. It is likely that tomorrow the price of SJC gold bars traded on the free market will decrease further," Mr. Phuong predicted.

Gold price difference will gradually decrease

According to Tuoi Tre Online , many people said it was still difficult to buy gold at the price of 76.98 million VND/tael on the online gold sales channel of banks and SJC Company. Some people said that just a few minutes after opening, the amount of gold sold for the day was sold out.

On gold bar "exchange" groups at the end of today, there are still offers to buy SJC gold bars at 79.5 - 80 million VND/tael but require large quantities, from 20 taels or more. There are cases of people "hunting" for gold for hire for a fee...

Previously, the State Bank has repeatedly warned about the spread of false information in the market about the State Bank lacking gold to sell.

At many gold selling points, there are people who hire people to line up to buy gold. The purpose of these people is to push up the price and take advantage of the difference. This not only destabilizes the market but also causes damage to the economy .

The State Bank has also requested the Ministry of Public Security to direct relevant units to promptly coordinate verification, thereby strictly handling acts of spreading false information, speculation, profiteering, and market manipulation.

Recently, in a meeting with banks and gold businesses, the State Bank affirmed that it has enough determination, resources, and tools to implement appropriate short-term and long-term solutions for the gold market to develop stably according to the principle of a market under State management.

For details on gold price movements, please refer HERE

Source: https://tuoitre.vn/gia-vang-sjc-tai-thi-truong-tu-do-bat-ngo-sap-manh-20240625222228117.htm