Late in the morning of December 26, Ms. HA (District 3, Ho Chi Minh City) brought 3 taels of SJC gold bars to sell for 79 million VND/tael and switched to buying gold rings for 63.6 million VND/tael. Although it was the same quality of 4-digit 9 gold, this conversion helped Ms. HA earn an additional 15.4 million VND in cash for each tael of gold.
People buy and sell gold bars at noon on December 26.
After reaching the milestone of 80 million VND/tael, gold bars continued to increase by 300,000 VND per tael, breaking the record in just 15 minutes. Saigon Jewelry Company - SJC bought at 79 million VND, sold at 80.3 - 80.32 million VND. Doji Group bought at 79 - 79.2 million VND, sold at 80.3 - 80.35 million VND. Bao Tin Minh Chau Company bought at 79.2 million VND, sold at 80.3 million VND... SJC gold bars increased by a total of 2 million VND/tael on the morning of December 26.
Gold price fluctuations on December 26: Gold price has reached 80 million VND
The price of gold rings also increased continuously by 100,000 - 200,000 VND per tael. SJC Company bought for 62.25 million VND and sold for 63.7 million VND. Bao Tin Minh Chau Company bought for 63.43 million VND and sold for 64.38 million VND... The domestic gold price increased despite the international precious metal remaining at 2,064 USD/ounce.
People buy gold rings at noon on December 26.
For the first time in history, those who bought gold during the day were able to make a profit even though the gap between buying and selling prices was still very high. However, with the opening price of 78.6 million VND/tael, just a few hours later each tael brought a profit of 400,000 VND/tael. Gold trading units increased the gap between buying and selling prices to 1 - 1.3 million VND/tael.
Mr. Nguyen Ngoc Trong - Director of New Partner Gold Company explained: The gold buying force was at the previous price of 72 - 73 million VND/tael, so at this point the market will have profit-taking selling. However, observing the developments in the late morning and throughout the afternoon of December 26, the gold price has not shown any signs of decreasing. Gold traders are trading wholesale with each other at 79.4 - 79.5 million VND/tael, so the possibility of retail prices decreasing is unlikely. The market needs to observe more in the afternoon trading session of December 26. In case the profit-taking selling force increases sharply, the gold price is likely to drop sharply.
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