Why did the price of SJC gold bars evaporate by half a million VND/tael?

The selling price of SJC gold bars at the end of today, December 2, was only 85.3 million VND/tael, down 500,000 VND/tael compared to last weekend.

Gold bar and gold ring prices both dropped sharply - Photo: NGOC PHUONG

Gold prices fall due to weak purchasing power

On the buying side, the price of SJC gold bars is only 82.8 million VND/tael. Why did the price of SJC gold bars drop so much?

Speaking with Tuoi Tre Online , expert Tran Duy Phuong said there are many reasons why domestic gold prices went down today.

World gold price decreased slightly, at 7:30 p.m. today it was 2,644.1 USD/ounce, converted according to the listed exchange rate at the bank, equivalent to only 81.14 million VND/tael.

The decrease in world gold prices has dragged down domestic gold prices. However, the reason for the sharp decrease in domestic gold prices is that purchasing power in the market is currently very weak. Because gold prices are at a high level, people are more hesitant to buy.

Normally, buying power only appears when the price of SJC gold bars reaches 82-83 million VND/tael and 9999 gold rings reach 81-82 million VND/tael. But now, when the price of gold is above 85 million VND/tael, buying power is very weak.

Even with 9999 gold rings, an item that was almost out of stock months ago, and gold companies limited purchases to only 1-2 taels/time, now the supply is more abundant due to the high gold price, many people have sold out to take profit. Now people can buy in larger quantities instead of the previous limit.

Gold price forecast to be difficult to break out in the last month of the year

At the end of today, the selling price of 9999 gold rings at SJC Company was 84 million VND/tael, buying price was 82 million VND/tael, down 700,000 VND/tael for selling and down 800,000 VND/tael for buying.

The difference between buying and selling prices of gold is 2.5 million VND/tael for gold bars and 3 million VND/tael for gold rings.

At Bao Tin Minh Chau Company, the selling price of gold rings today is 84.28 million VND/tael, buying price is 83.08 million VND/tael, down 500,000 VND/tael for selling and 600,000 VND/tael for buying.

DOJI Company's selling price of 9999 gold rings is 83.9 million VND/tael, buying price is 82.9 million VND/tael, down 900,000 VND/tael in both buying and selling directions.

Compared to the converted world gold price, the price of SJC gold bars is 4.16 million VND/tael higher, while the price of gold rings is 2.86 million VND/tael higher.

Forecasting gold prices, expert Tran Duy Phuong said that with the current situation, world gold prices will find it difficult to exceed 3,000 USD/ounce this year due to signs of geopolitical tensions cooling down.

However, Mr. Phuong predicts that if the world gold price continues to exceed 2,700 USD/ounce, buying power will appear, making the gold market more vibrant.

Please read the updated domestic gold price developments HERE.

Source: https://tuoitre.vn/vi-sao-gia-vang-mieng-sjc-boc-hoi-nua-trieu-dong-luong-20241202194234629.htm