The price of SJC and 9999 gold bars on the free market suddenly increased sharply.

After banks and gold companies closed for Tet, gold prices on the free market suddenly increased sharply.

The price of SJC and 9999 gold bars on the free market suddenly increased sharply - Photo: NGOC PHUONG

Gold prices rise sharply due to reduced supply

World gold price closed the trading week at 2,771.6 USD/ounce, up 17.8 USD/ounce compared to yesterday and approaching the all-time record of 2,790 USD/ounce.

At the current price, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 84.54 million VND/tael.

The continuous increase in the world gold price in recent days has caused the domestic gold price to skyrocket. Notably, in the past month, the gold price in the free market has always been lower than the gold price at SJC Company due to the decrease in purchasing power.

However, today, after banks and gold companies closed for Tet, the gold price on the free market suddenly increased by about 600,000 VND/tael compared to yesterday and was almost equal to the closing price at SJC Company.

At Mi Hong gold shop, the selling price of SJC gold bars today is 88.5 million VND/tael, buying price is 87.1 million VND/tael.

The selling price of 999 gold at Mi Hong gold shop is also equal to the price of SJC gold bars, at 88.5 million VND/tael, the buying price is only 100,000 VND/tael lower than the price of SJC gold bars.

Bao Tin Minh Chau Company is listing the selling price of gold rings at 88.9 million VND/tael, an increase of 200,000 VND/tael compared to yesterday. The buying price is at 86.6 million VND/tael, an increase of 400,000 VND/tael compared to yesterday.

Currently the difference between buying and selling gold prices is very large, up to 2.3 million VND/tael.

Experts recommend

Talking to Tuoi Tre Online , expert Tran Duy Phuong said the reason why the price of SJC and 9999 gold bars on the free market increased sharply was because after banks and SJC companies closed for Tet, the supply of gold on the market was scarcer. That's why some gold shops pushed up the price.

In addition, many people have the habit of buying gold to store if they have surplus after a year. Therefore, the demand for gold rings also increases during the Tet holiday.

Besides, the increase in world gold price also pushes up domestic gold price.

Expert Tran Duy Phuong recommends that people carefully consider buying gold at this time because the world gold price is currently near an all-time record, so the pressure to take profits is very high.

Please follow the domestic gold price movements here.

Source: https://tuoitre.vn/gia-vang-mieng-sjc-va-9999-tren-thi-truong-tu-do-bat-ngo-tang-manh-20250125192525136.htm