Gold price plummets, USD price at banks hits 26,000 VND for the first time
After rising to an all-time record, gold prices turned sharply down, while the bank USD price jumped to 26,000 VND/USD.
Gold price plummets after overheating
At the end of today, April 3, the world gold price plummeted from the peak of 3,167.8 USD/ounce to 3,090.2 USD/ounce. Thus, compared to the newly set record, the world gold price has evaporated 77.6 USD/ounce, equivalent to 2.43 million VND/tael.
The world gold price suddenly plummeted due to profit-taking pressure and in line with the market rule of “buying the news is selling”. Since the beginning of the year, the world gold price has increased by about 20%, especially, the world gold price has continuously broken the peak in the past two weeks when US President Donal Trump set the time to announce the “reciprocal” tax rate. According to expert Tran Duy Phuong, along with announcing the high tariff rate, the US also revealed the possibility that the tax rate will be reduced if other countries take action to reduce tariffs on US goods. This news has caused the gold price to turn around and decrease. Combined with the rule of “buying the rumor, selling the truth” (investors buy when there is a rumor and sell when the information is announced), this is the time for investors to “dump goods”.
Domestically, the selling price of SJC gold bars this afternoon dropped from 102.8 million VND per tael to 102.2 million VND per tael. The buying price decreased to 99.5 million VND per tael. Thus, the selling price of SJC gold bars fell by 600,000 VND per tael, while the buying price dropped by 400,000 VND per tael.
Meanwhile, the price of 9999 gold rings at SJC Company decreased to 102 million VND per tael. The buying price stood at 99.4 million VND per tael, down by 500,000 VND per tael for both buying and selling.
At PNJ Company, the selling price of SJC gold bars also dropped to 102.2 million VND per tael, while the buying price fell to 99.5 million VND per tael.
The selling price of 9999 gold rings at PNJ Company was nearly equivalent to that of gold bars.
At Bảo Tín Minh Châu Company, the price of 9999 gold rings dropped by 600,000 VND per tael to 102.3 million VND per tael, while the buying price declined to 99.1 million VND per tael.
Compared to the converted global gold price, domestic gold is currently about 5.33 million VND per tael higher.
