Gold price slides without brakes, losing 7.5 million VND/tael overnight

On the afternoon of April 23, Saigon Jewelry Company - SJC further reduced the buying price of each SJC gold bar by 1 million VND, down to 116.5 million VND/tael, and the selling price by 500,000 VND, down to 119.5 million VND. Phu Quy Company further reduced the buying price by 500,000 VND, down to 116.5 million VND, and the selling price by 120 million VND. Bao Tin Minh Chau Company reduced the buying price to 117 million VND, and the selling price to 120 million VND... Gold trading companies have reduced the buying price by 4 - 5.5 million VND per tael, in which the buying price tends to decrease faster than the selling price. The gold market situation on April 23 reversed, causing customers who stood in line to buy gold on April 22 at 124 million VND/tael to now lose 7.5 million VND.

Gold prices fell sharply

The price of gold rings also dropped rapidly by 4 million VND/tael. Bao Tin Minh Chau Company bought at 115.5 million VND, sold at 118.5 million VND. Phu Quy Company bought at 113 million VND, sold at 116 million VND. SJC Company bought at 112.5 million VND, sold at 115.5 million VND...

The world gold price continued to fall sharply to 3,307 USD/ounce, evaporating 60 USD/ounce, equivalent to a decrease of more than 2%, at one point down to 3,291.9 USD/ounce. In just over a day, the gold price has decreased by about 210 USD/ounce from the record level of nearly 3,500 USD/ounce.

The sharp drop in gold prices has increased the selling pressure. The number of customers coming to SJC Company to sell gold on April 23 increased compared to before. This led to the company no longer limiting the purchase quantity as in previous days. The transaction volume depends on the company's purchase from customers at each time. Similarly, Bao Tin Minh Chau Company also increased the amount of gold rings sold to customers to 2 taels instead of 1 tael as before./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/vang-truot-khong-phanh-lo-ngay-75-trieu-dong-luong-qua-mot-dem-185250423143634675.htm

Source: https://baolongan.vn/vang-truot-khong-phanh-lo-ngay-7-5-trieu-dong-luong-qua-mot-dem-a194006.html