Both domestic and world gold prices plummeted at the end of the day, with SJC gold bars alone "evaporating" 2.6 million VND in 1 day.
At the end of February 11, SJC gold bar prices were listed by businesses such as SJC, PNJ, Bao Tin Minh Chau, DOJI at 88 million VND/tael for buying and 90.5 million VND/tael for selling, down 700,000 VND compared to noon and down 2.6 million VND/tael compared to the record 93.1 million VND set in the morning.
Compared to the end of yesterday, each tael of gold decreased by 700,000 VND/tael. The price of gold bars "went on a roller coaster" today, when it increased by millions of VND and then suddenly plummeted in the afternoon. The fluctuation range during the day was up to 2.6 million VND/tael.
Due to the strong fluctuations in gold prices, each unit listed a different price. Mi Hong Company sold for 89.8 million VND/tael; Sacombank, Eximbank,ACB sold from 90.1 million VND to 90.8 million VND/tael.
Earlier in the morning, the price of SJC gold bars reached 93.1 million VND/tael - surpassing the 92.4 million VND/tael mark set in May last year.
Similarly, the price of 99.99 gold rings and jewelry gold continued to plummet in the afternoon. At the end of the day, the price of gold rings was adjusted down by businesses to 88 million VND/tael for buying and 90.5 million VND/tael for selling, down 1.2 million VND/tael compared to the record level in the morning.
Compared to the end of yesterday, the price of gold rings decreased by 100,000 VND/tael.
A notable development is that the price of SJC gold bars on the free market has dropped sharply and is being traded much lower than that of banks and gold companies. The price of gold bars bought by some gold shops is 88.4 million VND/tael, sold at 89.4 million VND/tael, a million VND lower than that of gold companies and banks.
The rapid increase and decrease in domestic gold prices in recent days have followed the fluctuations of world gold prices. In the international market, gold prices have also continuously set all-time highs of over 2,940 USD/ounce in a short time and then "turned around" and rapidly decreased.
Currently, the world gold price is trading around 2,906 USD/ounce, down about 40 USD/ounce compared to the peak of the day.
Gold expert Tran Duy Phuong believes that it is reasonable for gold prices to cool down after reaching an all-time peak of over 2,900 USD/ounce. Because in just 1 day, gold prices increased by 80 USD/ounce; in 1 week increased by 160 USD/ounce and in 1 month increased by 300 USD/ounce are too fast and too hot increases.
Precious metals have been supported by the continuous increase in the face of US President Donald Trump's tariff policies towards trade partners. However, when the market has fully reacted to this information, gold prices will be pressured to take profits and adjust down in the short term.
Currently, the world gold price converted according to the listed exchange rate is about 89.9 million VND/tael.
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