Latest drops see gold prices plunge to VND56 million per tael

03:38' PM - Wednesday, 12/08/2020

The opening trading session of August 11 saw the price of domestic gold endure a sharp fall and is now hovering around VND56 million per tael following a series of consecutive increases over the past few days.

The session saw the Saigon Gold, Silver and Gemstone joint stock company quote the price of SJC gold at VND54.8 million per tael for buying and VND56.3 million per tael for selling.

With these latest adjustments, the SJC gold price is currently only VND100,000 per tael higher in comparison with the global gold price. This can be considered a ‘shock’ as the SJC gold price was VND4 million per tael higher than the global prices at the end of last week.

Simultaneously, Doji Group listed the price of the precious metal at VND56.45 million and VND55.15 million per tael for selling and buying, respectively.

Several gold companies state that the latest plunge in SJC gold prices can largely be attributed to the fact that the price of gold globally has reversed its course with gold owners now keen to sell due to concerns regarding a potential sharp fall in the near future.

Indeed, recent moves have forced gold companies to quickly lower their buying and selling prices in an effort to avoid suffering losses.

Experts therefore recommend that people should not rush into buying gold at this time as the global gold price has witnessed vast fluctuations over the past five months.

Global gold prices are projected to decrease further as investment funds seek to make profits after a series of consecutive increases, the price predicted to shortly nosedive below US$2,000 per ounce. VOV

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