After setting a record peak in the trading session on April 18, domestic gold prices suddenly plummeted, surprising many investors.
At the end of the afternoon session of April 18, the price of SJC gold bars at Saigon Jewelry Company SJC was listed at 117-120 million VND/tael (buy - sell), a sharp increase of 1.5 million VND/tael for buying and 2 million VND/tael for selling compared to the previous session. The difference between buying and selling prices is kept at 2.5 million VND/tael.
DOJI Group and Bao Tin Minh Chau also listed the price of SJC gold bars at the same level of 117-120 million VND/tael, with a similar increase. Notably, the price of gold rings at Bao Tin Minh Chau also skyrocketed to 116.5-111.5 million VND/tael, an increase of 1.5 million VND per tael and the buy-sell difference was 3 million VND/tael.
However, after just one night, the market reversed. As of 9:30 a.m. on April 19, the price of SJC gold bars at SJC, DOJI and Bao Tin Minh Chau all decreased sharply to 113.5-117.5 million VND/tael (buy in - sell out). The difference is wide, up to 4 million VND/tael.
The price of gold rings at Bao Tin Minh Chau also fell to 113.2-117 million VND/tael. The difference between buying and selling is up to 3.8 million VND/tael.
By the afternoon of the same day, the decline had not stopped. Recorded at 15, the price of SJC gold bars at all three major units SJC, DOJI and Bao Tin Minh Chau continued to decrease to 112-114 million VND/tael (buy in - sell out). Gold rings also fell deep to the threshold of 111-114 million VND/tael.
The dramatic gold price movement in less than 24 hours has caused many surfers to fall into a "heavy loss" situation. The gold market is under strong correction pressure after a series of previous days of steady increases.
Normally, domestic gold prices fluctuate according to world trends. However, while the international gold market is almost "unstable" due to the holiday season, domestic gold prices have plummeted, causing many investors to lose direction.
Mr. Nguyen Van Dung (Hai Ba Trung District, Hanoi) said: "Yesterday, the price of gold was sky-high but there was a shortage of goods, my relatives intended to sell, so I bought them at the same price as at the store. This afternoon, I opened the gold shop's website and saw the price drop sharply. I have to look at it several times to believe it is true. It was shocking because I don't understand what's happening to the gold market."
Ms. Le Hong Nhung (Hoang Mai District, Hanoi) said: Yesterday, I lined up for nearly an hour to buy a tael of gold ring for 119.5 million VND/tael to celebrate a relatives wedding. At that time, I was very happy to buy while the market was heating up. I didn't expect the price to drop so much today."
In the face of unusual fluctuations in the domestic gold market, investors should stay mentally strong, avoid buying and selling based on emotions or following the crowd.
The fact that gold prices skyrocket and then plummet in a short time poses many potential risks, especially for surfers. Instead, investors should closely monitor macro factors and developments in world gold prices after the holidays, and carefully consider each trading decision to preserve capital and limit losses.
Below is the gold price update at some trading units at15:00 on 19.4:
