SJC gold price drops more than VND4 million per tael

A person who bought SJC gold at the end of last week could lose nearly VND6 million a tael as the valuable soft yellow metal price dropped drastically this afternoon.
SJC gold price drops more than VND4 million per tael ảnh 1 Jewelry companies list SJC gold prices
The world gold price increased while the domestic price of SJC gold plummeted by more than VND4 million a tael compared to the previous day.
Jewelry companies listed the new price of SJC gold in Ho Chi Minh City at about 3 pm. For instance, PNJ listed the buying and selling price of VND 63.5 million per tael and VND 65.2 million a tael respectively, down VND 3.85 million a tael buy and VND2.75 million compared to the prior day.
Mi Hong Gold Company also bought at VND63.4 million a tael and sold at VND64.5 million a tael, down VND 3.6 million a tael and VND 3.05 million a tael.
At the same time in Hanoi, PNJ Company quoted SJC gold price at VND 63.4 million a tael for buying and VND65 million a tael for selling, down VND3.95 million a tael and VND2.95 million a tael. Doji Group also reduced the price of SJC gold by VND4.1 million a tael and VND3.1 million a tael for selling and buying, down to VND63.2 million a tael and VND64.8 million a tael.
Due to strong fluctuations in the price of gold, gold trading enterprises widened the buying and selling price gap to nearly VND 2 million a tael.
The SJC gold price is currently about VND16.3 million a tael higher than the world gold price. Worse, last week, there was a time when this gap was nearly VND21 million a tael.
Although the world gold price recovered slightly, experts believe that domestic gold price trend in short term will continue to decrease due to the sharp increase in the US dollar. In addition, the US Federal Reserve will almost certainly increase interest rates on the greenback in the near future making this precious metal not an attractive investment channel.

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