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The price of each tael of SJC gold bar suddenly dropped by more than 3 million VND after the Deputy Prime Minister's directive to "urgently inspect the market".
Opening on the morning of May 13, Saigon Jewelry Company (SJC) listed the price of gold bars at VND85.5 - 88.5 million/tael, down VND3.3 million for buying and VND2.8 million for selling compared to the end of last week. Thus, compared to the peak set on May 10, the price of each tael of gold bars has dropped by nearly VND4 million, after the Government requested an urgent inspection of the gold market.
Other gold trading units also sharply adjusted the buying and selling prices of gold bars this morning. DOJI Gold and Gemstone Group reduced the price of gold bars to 85.5 - 87.5 million VND/tael. At Mi Hong, the price of gold bars also dropped to 86 - 88.5 million VND/tael.
Meanwhile, the price of plain gold rings and jewelry at businesses this morning remained stable, following the developments of precious metals on the international market.
At the opening session of the week, the world gold price was around 2,360 USD per ounce, converted according to Vietcombank's selling rate, equivalent to 72.5 million VND per tael.
The plunge in gold bars this morning has narrowed the gap with world prices from nearly 20 million VND at the end of last week to 16 million VND per tael.
For a long time, the price of SJC gold bars has fluctuated unpredictably and often out of sync with the world. A constant supply of gold bars has been circulating on the market for the past decade, in people's safes or being bought and sold. Only recently, through bidding, has the supply been increased, but not significantly.
How much more expensive gold bars are compared to the world price, according to experts, depends on two factors: domestic supply and demand. The supply side depends on how much the State Bank increases supply to the market. The demand side depends on people's psychology and expectations. Gold bars are an investment channel with a strong psychological factor due to the scarcity of supply.
Yesterday, the State Bank said it will continue to bid to supply volume and frequency appropriate to market demand, and at the same time advised people to be cautious when trading to avoid risks.
TB (according to VnExpress)