Late in the morning of December 26th, Ms. HA (District 3, Ho Chi Minh City) sold 3 taels of SJC gold bars for 79 million VND/tael and switched to buying gold rings for 63.6 million VND/tael. Although both were 9999 gold, this conversion gave Ms. HA an additional 15.4 million VND in cash for each tael of gold.
People buying and selling gold bars on the afternoon of December 26.
After reaching the 80 million VND/ounce mark, gold bars continued to increase by another 300,000 VND per ounce, breaking the record in just 15 minutes. Saigon Jewelry Company (SJC) bought at 79 million VND and sold at 80.3 - 80.32 million VND. Doji Group bought at 79 - 79.2 million VND and sold at 80.3 - 80.35 million VND. Bao Tin Minh Chau Company bought at 79.2 million VND and sold at 80.3 million VND… SJC gold bars increased by a total of 2 million VND/ounce on the morning of December 26th.
Gold price fluctuations on December 26th: Gold price has risen to 80 million VND.
The price of gold rings also continued to increase by 100,000 - 200,000 VND per tael. SJC Company bought at 62.25 million VND and sold at 63.7 million VND. Bao Tin Minh Chau Company bought at 63.43 million VND and sold at 64.38 million VND… Domestic gold prices increased despite the international price of the precious metal remaining at 2,064 USD/ounce.
People buy gold rings on the afternoon of December 26th.
For the first time in history, day-to-day gold buyers were able to profit immediately, even though the buy-sell price spread remained very high. However, with an opening price of 78.6 million VND/ounce, within just a few hours, each ounce had yielded a profit of 400,000 VND. Gold trading businesses increased the spread between buy and sell prices to 1-1.3 million VND per ounce.
Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company, explained: The buying pressure on gold at the previous price of 72-73 million VND/ounce has led to profit-taking sales at this point. However, observing the developments at the end of the morning and throughout the midday of December 26th, the price of gold has not shown any signs of decreasing. Gold traders are trading wholesale among themselves at 79.4-79.5 million VND/ounce, so the retail price is unlikely to fall. The market needs further observation during the afternoon trading session on December 26th. If profit-taking sales increase sharply, the price of gold could fall significantly.
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