SJC gold bar price drops rapidly, domestic gold market fluctuates strongly

(NLDO) - In just 2 days, the price of SJC gold bars dropped rapidly, losing 1 million VND/tael, the trend of world prices is difficult to predict.

On the morning of July 24, the domestic gold market continued to record a downward trend. The price of SJC gold bars was listed by large enterprises such as SJC, PNJ, DOJI at 119.7 million VND/tael for buying and 121.7 million VND/tael for selling, down 300,000 VND/tael compared to yesterday morning. In two days, the price of SJC gold bars has decreased by a total of 1 million VND/tael.

What makes gold prices fall rapidly?

In contrast, the price of 99.99% gold rings and jewelry gold did not change significantly, continuing to be traded around VND115 million/tael for buying and VND117.5 million/tael for selling.

A notable point is that the buying and selling price range of SJC gold bars is kept at 2 million VND/tael, lower than the 2.5 million VND/tael of gold rings.

This development partly shows that the demand for gold bar trading is showing signs of slowing down, causing businesses to adjust the amplitude to stimulate buying and selling power.

SJC gold bar price decreased by 1 million VND in the past 2 days

Domestic gold prices are fluctuating according to world trends. At 8:45 a.m. on July 24 (Vietnam time), the spot gold price on the international market was at 3,369 USD/ounce, down about 20 USD from the peak last night and a total loss of about 80 USD/ounce in recent sessions (equivalent to nearly 2.6 million VND/tael).

The recovery of the US dollar, with the DXY index rising to 97.5 points, is driving profit-taking. In addition, positive expectations of a trade deal between the US and the EU are also shifting investor sentiment towards riskier assets, weakening gold's role as a haven.

What is the forecast for the future?

Regarding the upcoming trend, gold prices are expected to depend on information related to the tariff policy between the US and the EU, especially as August 1, the date when the US can officially announce the tax rate, is approaching.

Currently, the world gold price converted to the domestic exchange rate is about 106.7 million VND/tael, nearly 15 million VND/tael lower than the selling price of SJC gold bars. This difference continues to remain high, showing that the gap between domestic and world gold prices shows no signs of narrowing.

Source: https://nld.com.vn/kho-tru-moc-cao-gia-vang-mieng-sjc-giam-nhanh-196250725090110601.htm