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Tuesday, June 18, 2024

Local gold prices nosedive

The Saigon Times

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HCMC – Domestic gold prices continued to plummet this morning, August 12, leaving the difference between the buying price and the selling price at a record high of over VND4.2 million per tael.

At 11 a.m., the Saigon Jewelry Company (SJC) was buying the yellow metal at VND47.52 million per tael and selling it at VND51.75 million per tael in HCMC and VND51.77 million per tael in Hanoi.

The difference between the purchasing and selling prices was VND4.23-4.25 million per tael, almost 2.5 times higher than the figure last weekend and some 3.5 times higher than that of the previous week. It also hit an all-time high in the local gold trading market.

The price of SJC-branded gold plunged VND6.06 million for buying and fell VND3.73 million per tael for selling compared to the earlier session.

Similarly, Hanoi-based Doji Group constantly changed its gold trading prices and bought the precious metal at VND48.8 million per tael and sold it at VND52.4 million per tael by midday. The difference between the buying price and the selling price at the Doji stores doubled that of last weekend to reach VND3.6 million per tael.

During the first three days of this week, the domestic price of SJC-branded gold lost steam at some VND11 million per tael for buying and dipped VND8.55 million for selling.

In the global market, the yellow metal continued its downward spiral to US$1,883 an ounce as of this midday, down over US$16 against early morning.

Tran Thanh Hai, chairman of SJC Phu Tho, said the record-high difference between the selling and buying prices showed the panic among investors and local gold traders.

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