People are buying gold
The price of SJC gold at the end of the afternoon on July 18 continued to see a sharp fall. Within just one hour from 4 pm to 5 pm, SJC gold decreased by nearly VND1.6 million a tael. Generally, the price of the precious metal reduced by VND5.8 million a tael today.
At about 5 p.m., SJC Company reduced another VND1.7 million a tael for buying and VND1 million for selling; hence, the company quoted the buying price at VND61.8 million and the selling price at VND63.8 million a tael. Thus, compared to the early morning, SJC gold price at this company has decreased by a total of VND5.5 million a tael for buying and VND4.15 million a tael for selling.
At Mi Hong gold shop in HCMC, the price of SJC gold was also down by VND2.2 million a tael for buying and VND1 million a tael for selling. Totally, it has decreased VND5.8 million and VND4.05 million a tael for buying and selling respectively in the afternoon in comparison to this early morning. The buying and selling prices were at VND61.2 million a tael and VND63.5 million a tael respectively.
At the same time in Hanoi, PNJ Company quoted the buying and selling prices of SJC gold price at VND62 million a tael and VND63.9 million a tael respectively, down another VND1.4 million and VND1.1 million a tael. A total decrease of VND5.35 million a tael for buying and VND4.15 million a tael for selling compared to the early morning.
While the price of SJC gold plummeted, the price of 9999 ring gold was slightly reduced by VND200,000 - VND 300,000 a tael by gold traders. Ring gold was traded at VND52 million a tael for purchasing and VND53 million a tael for selling; there was not much change in comparison to last week.
On the international gold market, the price of gold on the Kitco floor at around 5:00 p.m. today as per Vietnam time, traded at around US$1,719.47 per ounce. This price after conversion is equivalent to VND48.9 million a tael, and this price is about VND15 million lower than the price of SJC gold.
Explaining the sudden decline in the domestic SJC gold price, gold experts said that the domestic SJC gold price went against the trend globally or did not fully reflect the increasing and decreasing momentum of the world gold price for a long time; therefore, there has been the big gap between domestic and world gold prices.
As a result, it is not difficult to understand that the domestic SJC gold price dropped sharply today, especially when the demand in the market for SJC gold has become less and less. Another reason why the SJC gold price continued to fall sharply at the end of this afternoon is that many gold buyers previously saw the gold price drop sharply, so they sold to cut losses, causing the gold price to plummet.
