After setting a record, the price of SJC gold bars "evaporated" 700,000 VND/tael

This afternoon, the price of SJC gold bars plummeted by 700,000 VND per tael. Photo: NGOC PHUONG

SJC company listed the selling price of gold bars at the end of March 2nd at 80.3 million VND/ounce, and the buying price at 77.8 million VND/ounce, a decrease of 700,000 VND/ounce in both buying and selling prices.

Meanwhile, at gold shops, the selling price of SJC gold bars dropped even faster. At Mi Hong gold shop, the selling price of SJC gold bars reached 80.8 million VND/ounce at noon, but by the afternoon it had fallen to only 79 million VND/ounce.

Compared to the peak price at noon the same day, the selling price of gold bars at Mi Hong gold shop decreased by 1.8 million VND/ounce. The buy-sell price difference narrowed to 1 million VND/ounce. Meanwhile, at major gold companies, the buy-sell price difference remained at 2.5 million VND/ounce.

Notably, by the afternoon, the price of 9999 gold rings remained at its highest level in history. SJC Company is listing the selling price of 9999 gold rings at 66.5 million VND/ounce and the buying price at 65.3 million VND/ounce.

PNJ is selling 9999 gold rings at 66.45 million VND/ounce and buying them at 65.25 million VND/ounce.

Compared to the converted world gold price, the price of gold rings is currently 4.19 million VND/ounce higher.

Gold shops say the reason why the price of SJC gold bars plummeted by 700,000 VND/ounce immediately after reaching an all-time record was because gold holders sold off to lock in profits after seeing the price of gold rise sharply in recent days.

Compared to the converted world gold price, the current price of SJC gold bars is still about 18 million VND/ounce higher.

The prices of SJC gold bars and 9999 gold rings have surged due to several factors: a sharp increase in world gold prices, a rise in the free market USD exchange rate, low deposit interest rates, and the lack of intervention from regulatory authorities.

According to reports, gold buying demand has been increasing in recent days. Meanwhile, the supply of SJC gold bars is quite scarce because SJC Company has not been allowed to produce more gold bars for a long time.

Regarding gold rings, for many years gold companies have not been licensed to import gold. Recently, authorities have intensified efforts to dismantle gold smuggling rings, leading to a reduced supply of raw materials. Demand for gold has increased due to lower deposit interest rates while gold prices continue to rise.

On the same day, the free market USD exchange rate rose to 25,500 VND/USD. Compared to the listed selling price of USD at banks at 24,810 VND/USD, the free market USD price is 690 VND/USD higher.

TN (according to Tuoi Tre)

Source: https://baohaiduong.vn/sau-khi-lap-ky-luc-gia-vang-mieng-sjc-boc-hoi-700-000-dong-luong-374328.html