After dropping nearly VND6 million per tael the previous day, the SJC gold price has changed wildly.
At the opening of the trading session, the SJC gold price listed by gold trading companies increased by about VND1 million per tael to VND63.5 million per tael for buying and VND64.5 million per tael for selling. However, the SJC gold price sometimes fell to nearly VND60 million per tael for buying and VND62.5 million per tael for selling, down by more than VND3 million per tael compared to the beginning of the morning session, and then rebounded.
SJC Company bought gold at VND62 million per tael and sold it at VND64.5 million per tael, down VND1.5 million per tael in the buying rate, at 1 p.m. in Ho Chi Minh City.
Mi Hong Jewelry Store in Binh Thanh District in HCMC quoted the SJC gold price at VND62.5 million per tael for buying and VND64.5 million per tael for selling, down VND600,000 per tael in the buying rate and VND1.4 million in the selling rate.
At the same time in Hanoi, PNJ Company purchased SJC gold at VND62 million per tael and sold at VND64.5 million per tael, down VND800,000 per tael in the buying rate and VND500,000 per tael in the selling rate compared to the early morning.
The gold price fluctuated strongly, so gold trading enterprises widened the gap between the buying and selling rates to nearly VND2.6 million per tael to prevent risks. However, the expansion of this gap will send losses to those who buy and sell gold at this time.
According to experts, gold continued to drop sharply in the morning trading session because the precious metal plunged steeply the previous day, causing gold holders to dump gold to cut losses in the context that the gold market is unpredictable. Gold holders are concerned that bullion will continue to decline because the global gold price is forecasted to keep decreasing due to the strengthening US dollar in the near future.
In the global gold market, the spot gold price on the Kitco floor was at US$1,706.7 an ounce at around 1.15 p.m. on the same day, down about $10 an ounce compared to the previous day. After conversion, this price is equivalent to VND48.5 million per tael, about VND16 million per tael lower than the SJC gold price.