The man who hoarded gold bars suffered a huge loss.

Each SJC gold bar fell by another half million dong in the morning trading session on May 26, pushing the selling price down to around 161.5 million dong/ounce, the lowest in the past two months.

Gold prices have fallen to their lowest level in two months, causing significant losses for investors. Photo: Duy Hieu .

In the ongoing domestic market trading session, Saigon Jewelry Company Limited (SJC) continued to lower the price of gold bars by another half million dong per ounce compared to yesterday, bringing the buying price down to 158.5 million dong/ounce and the selling price to 161.5 million dong. The company maintained the buy-sell price spread at 3 million dong/ounce.

This is also the gold bullion trading price applied by a number of other large domestic businesses such as Phu Nhuan Jewelry Joint Stock Company (PNJ), DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai, Mi Hong Company, etc.

Notably, with this morning's decline, the price of SJC gold bars has officially broken through its 2-month low. On the daily price chart, since the beginning of April, the price of domestic gold bars has continuously fallen. From nearly 177 million VND/ounce, the price has dropped by approximately 16 million VND in just the past two months. This development, coupled with the buy-sell price difference offered by businesses, has resulted in gold bar buyers from the beginning of April to now losing 19 million VND per ounce, equivalent to a net loss of 11%.

Even compared to the peak of 190.9 million VND/ounce set at the end of February, the current price of SJC gold bars is 29.4 million VND lower, resulting in a net loss of over 32 million VND/ounce for those who bought at that time.

SJC gold bar prices slide further.
Source: SJC.
Label		March 29	March 30th	March 31	1/4	2/4	3/4	4/4	5/4	April 6th	7/4	April 8th	April 9th	April 10th	April 11th	April 12th	April 13th	April 14th	April 15th	April 16th	April 17th	April 18th	April 19th	April 20th	April 21	April 22nd	April 23	April 24th	April 25th	April 26	April 27	April 28	April 29	April 30th	1/5	2/5	3/5	4/5	5/5	6/5	7/5	8/5	9/5	May 10th	May 11th	May 12th	May 13th	May 14th	May 15th	May 16th	May 17th	May 18th	May 19th	May 20th	May 21st	May 22nd	May 23	May 24th	May 25th	May 26th
Purchase price	million VND/ounce	169.8	170.8	171.9	173.7	170	170	171.5	171.5	170.1	169.5	171	168.5	169.7	169.4	169.4	168.5	170	170	167.7	167.5	168.5	168.5	168.3	168.1	167.5	166.7	165.5	166.3	166.3	166.3	164.5	163	163	163	163	163	163.3	162	163	164.5	164.5	164.5	164.5	162.2	162.5	162	162	161	161	161	160.5	160.8	158.5	160.5	159	158.5	158.5	159	158.5
Selling price		172.8	173.8	174.9	176.7	173.5	173.5	174.5	174.5	173.1	172.5	175	171.5	172.7	172.4	172.4	171.5	173.5	173.5	171.2	171	172	172	171.3	170.6	170	169.2	168	168.8	168.8	168.8	167.5	166	166	166	166	166	166.3	165	166	167.5	167.5	167.5	167.5	165.2	165.5	165	165	164	164	164	163.5	163.8	161.5	163.5	162	161.5	161.5	162	161.5

Not only gold bars, but the price of gold rings in Vietnam also recorded a sharp decline this morning. Major businesses such as Phu Quy, PNJ, DOJI, Bao Tin Minh Chau, and Bao Tin Manh Hai all reduced the price of gold by nearly half a million dong compared to yesterday, bringing the buying price down to around 158.3-158.5 million dong/ounce, while the selling price fell to around 161.3-161.5 million dong.

Specifically, Mi Hong Company reduced the price of 999 gold rings by 200,000 VND this morning, currently listing it at 158.8 - 160.3 million VND/ounce. This is also the company that accepts buying gold rings from people at the highest market price but sells them at the lowest price.

Domestic gold prices weakened primarily due to the impact of global gold prices. International spot prices for the precious metal fluctuated sharply downwards by $32 (-0.8%) compared to the previous closing price, currently falling to $4,537 per ounce.

Global gold prices weakened as the market reacted to the prospect of a US-Iran peace agreement. Investors now assess the risks as still quite high because the new agreements remain at the expectation stage. This means that both gold and oil prices could continue to fluctuate sharply in the coming period, depending on the actual outcome of the negotiations and the possibility of reopening the Strait of Hormuz.

The drop in gold prices also stems from the fact that a major global investor, the Central Bank of Russia (CRB), has been continuously selling off this asset. According to data from the World Gold Council (WGC), the CRB reduced its gold holdings by 27.9 tonnes between January and April, the most significant decrease in the country's gold reserves since 2002.

Source: https://znews.vn/nguoi-om-vang-mieng-lo-dam-post1654172.html