SJC Gold Price Sees Another Decrease Amid Rapid Fluctuations

Domestic gold prices began to fluctuate rapidly compared to SJC gold prices before God of Wealth Day.

At the end of February 16, SJC gold price "turned around" and plummeted after a day of shocking increases. Saigon Jewelry Company (SJC) listed the buying price of gold bars at 76.2 million VND/tael, selling at 78.4 million VND/tael, down to 600,000 VND/tael compared to the morning.

Many other businesses lowered SJC gold prices to a lower level, such as DOJI Group selling gold bars to 78.35 million VND/tael. Mi Hong Gold Company lowered the price of gold bars from the mark of 78 million VND/tael, bought only 76.9 million VND/tael, sold 77.9 million VND/tael.

The highest mark of SJC gold set this morning reached 79 million VND/tael. The amplitude of buying - selling fluctuations is maintained by businesses from 1 to more than 2 million VND/tael.

SJC gold price fell sharply at the end of the day

According to some experts, SJC gold prices are often pushed up close to God of Wealth Day (January 10) to "catch the wave" of people's need to buy gold for good luck. However, with the current developments of SJC gold being 17-19 million VND/tael higher than the world price, some experts believe that buying SJC gold right now is quite risky.

While SJC gold prices show signs of "dancing" before the God of Wealth day, prices of gold rings and 24K gold jewelry of all kinds fluctuate more slowly. At the end of the day, the price of gold rings and gold jewelry was traded around 63.5 million VND/tael purchased, 64.6 million VND/tael sold, stable compared to this morning.

Domestic gold prices fluctuate strongly with SJC gold prices in the context of world prices continuing to recover. At 6:00 p.m. Vietnam time, precious metals on the international exchange were trading at 2,007 USD/ounce.

Currently, the world gold price converted at the listed exchange rate is about 5 million VND/tael lower than ring gold, while about 18 million VND/tael lower than SJC gold.

On the foreign exchange market, bank and free USD prices also suddenly increased sharply at the end of today. Vietcombank traded USD, buying 24,340 VND/USD, selling 24,680 VND/USD, an increase of about 40 VND compared to the morning.

Currently, some foreign currency exchange points buy USD at 25,160 VND/USD and sell at 25,250 VND/USD, a sharp increase of about 200 VND compared to previous days.

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