SJC gold price turns down more than half a million dong per tael

Each tael of SJC gold fell by half a million dong when it opened on July 7, and according to expert Le Xuan Nghia, the 40 million level reached yesterday can be considered the "peak".

Opening at 8:35, the price of SJC gold bars traded by DOJI Gold and Gemstone Group was 38.1 - 39.1 million VND, down half a million VND compared to the closing price at the end of yesterday. Meanwhile, at Phu Nhuan Jewelry Company (PNJ), the price of SJC gold also dropped sharply. Each tael of SJC gold bar was bought for 38 million VND while the selling price was 39 million VND. As usual, when the market fluctuates, gold shops widen the buying and selling margin, pushing most of the risk onto the people.

Domestic gold prices have fallen sharply since the beginning of the day, although international gold prices are still on an upward trend. At 8:45 a.m. (Hanoi time), each ounce of spot gold costs 1,367.2 USD. Converted to Vietnamese currency, international gold is less than 37 million VND.

Each tael of SJC gold decreased by more than half a million dong as soon as it opened on the morning of July 7.

SJC gold bars fell sharply right after the State Bank sent a message last night that it was ready to intervene in the gold market. The management agency said that the fluctuations that caused the gold price to jump on July 6 were only temporary and had many psychological factors. A representative of the Foreign Exchange Management Department also warned people to stay calm before deciding to buy or sell.

Talking to VnExpress, many experts also said that the price of 40 million VND of SJC gold set on the afternoon of July 6 can be considered the "peak" of domestic gold prices and people should not buy at this time. According to expert Le Xuan Nghia, the world gold price in the medium term may not continue to increase. As for domestic investors, according to him, if they want to sell gold, this may be the right time because 40 million VND is the "peak" level.

Sharing the same view, Mr. Nguyen Thanh Truc - Vice President of the Gold Business Association, although he believes that the world gold price can reach 1,400 USD per ounce in the short term, SJC gold will hardly go higher.

Yesterday, before the skyrocketing price of gold, the market witnessed a clear segmentation. Some investors who bought goods at low prices tended to sell their goods, while small customers were afraid that prices would continue to rise, so they rushed to buy. However, there was no situation of people lining up to buy gold like in previous years because customers transacted at different times. But in general, there were still more buyers than sellers.

DOJI experts believe that the sharp increase in domestic gold prices, along with the crowd buying mentality, has caused prices to "skyrocket". "However, this means that risks lurk for 'boat racers' who are not steady on the oars. This 'bubble' can deflate at any time when there is intervention and impact from the international market", DOJI's analysis said.

In the foreign exchange market, the USD/VND exchange rate also increased by 20 VND for buying and 40 VND for selling compared to yesterday. At Vietcombank, each dollar is bought and sold at 22,290 - 22,380 VND.

According to VNE