Gold bar price drops rapidly after reaching historic peak, slipping below 74 million VND/tael

Early this morning, the price of gold bars of Saigon Jewelry Company (SJC) in Hanoi increased by 700,000 VND/tael for buying and 900,000 VND/tael for selling compared to yesterday's closing price, listed at 73.2-74.42 million VND/tael (buying - selling).

The price of gold bars of DOJI Gold and Gemstone Group also increased sharply this morning.

At 8:42, DOJI gold bar price in Hanoi was bought and sold at 73.1-74.5 million VND/tael, an increase of 800,000 VND/tael for buying and 1 million VND/tael for selling compared to the closing price yesterday.

At 10 o'clock, while the price of SJC gold bars remained unchanged, DOJI raised the price of gold bars to 73.2 million VND/tael for buying and 74.6 million VND/tael for selling.

Thus, the domestic gold bar price this morning surpassed the old peak of 74.4 million VND/tael (selling price) set in early March 2022, after the Russia-Ukraine war broke out.

However, by this afternoon, the price of gold bars had dropped sharply, falling below 74 million VND/tael.

At 4:37 p.m., Saigon Jewelry Company adjusted the price of gold bars down by VND800,000/tael for both buying and selling compared to the peak this morning, listed in Hanoi at VND72.4-73.62 million/tael (buying - selling).

Similarly, at 3:44 p.m., DOJI also reduced the price of gold bars in Hanoi to 72.2-73.7 million VND/tael (buy - sell), 1 million VND/tael lower for buying and 900,000 VND/tael lower for selling compared to the peak in the morning.

The difference between buying and selling prices of gold bars has also widened to 1.2-1.5 million VND/tael. The large difference between buying and selling prices of gold poses risks to buyers if the gold price reverses.

Meanwhile, the price of gold rings continues to increase strongly and create new peaks. Some brands are nearly 1 million VND/tael more expensive.

At the end of the session, the price of Thang Long Dragon Gold Ring at Bao Tin Minh Chau Company increased by VND 600,000/tael for buying and VND 700,000/tael for selling compared to the previous session, up to VND 61.98-63.08 million/tael (buying - selling).

Meanwhile, the price of 9999 SJC gold rings from 1-5 chi increased to 61.3-62.4 (buy - sell), an increase of 600,000 VND/tael in both directions compared to the closing price yesterday.

DOJI's gold ring price ended the session at 61.65-62.65 million VND/tael, an increase of 920,000 VND/tael in buying and 750,000 VND/tael in selling compared to the previous session.

Meanwhile, the price of gold rings of Phu Nhuan Jewelry Joint Stock Company (PNJ) increased by 700,000 VND/tael in both directions compared to yesterday, listed at the end of the session at 61.3-62.5 million VND/tael (buy - sell).

On the world market, the world gold price last night increased vertically, at times reaching 2,050 USD/ounce. This is the highest price since the beginning of 2023. This level is only lower than the old record set in 2022 of 2,063 USD/ounce.

However, today, the international gold price has turned down. At 5:10 p.m. Vietnam time, the world spot gold price was at 2,038.3 USD/ounce, down 11.7 USD/ounce compared to last night.

World gold converted at the current exchange rate at Vietcombank is priced at over 59.92 million VND/tael (excluding taxes and fees), 13.7 million VND/tael lower than the price of SJC gold bars.