SJC gold bars are being manipulated again?

At the end of April 16, the price of SJC gold bars and plain gold rings was listed by large enterprises at 115.5 million VND/tael (selling price), an increase of 7.5 million VND/tael in just one day. Some small gold shops pushed the selling price of SJC gold up to 116 - 118 million VND/tael.

Gold price gap widens again

Saigon Jewelry Company (SJC) and Phu Nhuan Jewelry Company (PNJ) - the two largest gold companies in Ho Chi Minh City - simultaneously listed the price of SJC gold bars at VND113 million/tael for buying and VND115.5 million/tael for selling. The price of 99.99 gold rings and jewelry also increased to VND110.5 million/tael for buying and VND113.5 million/tael for selling, an increase of VND7.5 million/tael after only one day.

Some smaller gold shops in Ho Chi Minh City such as Minh Hong sell SJC gold bars for up to VND116.5 million/tael, but earn VND113.5 million/tael. Meanwhile, the gold shop chain of Ngoc Tham Gold and Gemstone Company Limited in the Mekong Delta region listed the price of SJC gold at VND118.5 million/tael for sale and VND112 million/tael for purchase. However, an employee at the Ngoc Tham branch in Cai Khe Trade Center (Ninh Kieu district, Can Tho city) said that both branches in Can Tho only have 1 tael of SJC gold left. "The plain round rings are all sold out because customers are buying a lot," said this employee.

People wait to buy gold at the headquarters of SJC Company (District 3, Ho Chi Minh City) on April 16. Photo: LAM GIANG

It is worth mentioning that the domestic gold price increased rapidly, fluctuating hourly, in the context of the world gold price continuously breaking the peak, easily surpassing the 3,300 USD/ounce mark and going straight to 3,303 USD/ounce at the end of the day (Vietnam time), equivalent to about 103.4 million VND/tael. However, the domestic gold price increased much faster and stronger, causing the gap between domestic and world gold prices to widen to tens of millions of VND/tael.

Expectations that gold prices will continue to rise and supply shortages have prompted many people to line up to buy gold at large gold shops across the country. Reporters from the Lao Dong Newspaper at the headquarters of SJC Company (District 3, Ho Chi Minh City) recorded a large number of customers coming in and out, mainly buyers.

Since noon on April 16, SJC employees have announced that those who want to buy SJC gold bars must fill out a waiting form, and the company will call back when gold is available. As for 99.99 plain gold rings, each customer can only buy 0.5 tael in cash or by bank transfer. However, the waiting area to buy gold bars is always crowded, while only occasionally do people come to sell gold in small quantities.

Ms. Ngoc Thanh (living in District 12, Ho Chi Minh City) said she was waiting to buy 2 taels of SJC gold bars but was told by the staff that they were out of gold, which disappointed her. "The price changes so quickly. At 2:45 p.m., the price was 113 million VND/tael, by 3 p.m. it was 115 million VND/tael. In the blink of an eye, it increased by 2 million VND" - Ms. Thanh shared.

In Hanoi , many people also lined up in front of gold shops such as Bao Tin Minh Chau, Phu Quy… despite the hot weather. However, the scarce supply means that gold sales only take place at certain times of the day. Sometimes customers can only buy 1 tael of gold per day.

According to records, the number of people selling gold is very small, leading to the fact that stores do not have enough supply to sell. "Only when buying from people, the store will have gold to sell" - said a gold shop employee on Tran Nhan Tong Street, Hanoi.

Ms. Thu Hang (living in Dong Da district, Hanoi) regrets not taking profit at the right time. In early March, she sold 5.3 taels of gold rings for 92 million VND/tael, now the buying price has increased to 112 million VND/tael. "I lost more than 100 million VND in just one month" - she said sadly.

Is the increase abnormal?

According to experts, the increase in world gold prices is mainly due to concerns about a global economic recession. In particular, the escalating US-China trade tensions show no signs of abating. Recently, the White House announced that China is facing a 245% tax on goods imported into the US. This situation has caused investors to seek gold as a safe haven.

Expert Phan Dung Khanh said that the sharp increase in domestic gold prices is partly due to many people expecting prices to continue to increase, especially for SJC gold bars and gold rings. This has widened the gap between domestic and international gold prices. In addition, central banks, including China, have returned to buying gold after a hiatus. Concerns about prolonged inflation and a weakening USD have further supported the increase in gold prices.

According to Mr. Tran Huu Dang, General Director of AJC Gold and Gemstone Joint Stock Company (Hanoi), the trend of domestic gold prices is largely dependent on fluctuations in the world market and can reverse at any time. He warned that domestic gold prices are showing signs of "overheating", with a difference of up to 10 million VND/tael compared to world prices, posing high risks.

Faced with the unusual spike, many people have asked: Is SJC gold being manipulated? Mr. Phan Dung Khanh commented that after the State Bank implemented a policy to stabilize the gold market, the difference between domestic and international SJC gold prices has narrowed significantly, from 18-20 million VND to 2-3 million VND/tael. "Currently, the difference has increased to tens of millions of VND, but this has only been happening for a few days. We need to monitor further, we should not intervene immediately" - Mr. Khanh said.

World gold continuously breaks the peak

On April 16, the price of gold surpassed the $3,300/ounce mark for the first time as investors sought safe assets after President Donald Trump ordered an investigation into the possibility of imposing new taxes on minerals imported into the US.

Spot gold rose to $3,314 an ounce, even hitting a record high of $3,317 an ounce before cooling off slightly. Investors were concerned about US tariff policies and expectations that the Federal Reserve would cut interest rates, increasing risk aversion.

Mr Trump has also asked for consideration of tariffs on pharmaceuticals and chips, in order to deal with dependence on China - the leader in these industries. This move further escalates global trade tensions.

Mr. Ole Hansen, Head of Commodity Strategy at Saxo Bank (Denmark), commented: "The trade war has not cooled down. Investors are turning to gold to avoid risks and withdrawing from the stock market."

Gold ETFs in China have attracted large inflows this month, the World Gold Council (WGC) said, indicating strong demand for financial protection in Asia.

In that context, the Australia and New Zealand Bank (ANZ) on April 16 raised its year-end gold price forecast to $3,600/ounce, and its forecast for the next six months is $3,500/ounce. The weakening USD index (DXY) makes gold more attractive to foreign buyers. "The increase in gold price forecast is due to the world facing the risk of recession, geopolitical tensions, rising public debt and the trend of central banks diversifying reserves outside the USD. Gold remains a safe haven asset during times of global instability," Mr. Hansen added.

X.Mai

Source: https://nld.com.vn/vang-mieng-sjc-lai-bi-lam-gia-196250416222627206.htm