Loss of 1.9 million VND/tael after 1 day
On the morning of December 4, the price of SJC gold "heated up" clearly. Jewelry stores simultaneously adjusted the price of SJC gold to increase from 400,000 VND to 700,000 VND/tael. The highest selling price was 74.60 million VND/tael belonging to Doji Group. However, by the afternoon, the precious metal cooled down but still maintained the mark of 74 million VND/tael.
By the morning of December 5, the gold market was sliding, SJC gold prices were widely adjusted down and lost the 74 million VND/tael mark.
At Doji Group, SJC gold price is being traded at: 72.70 million VND/tael - 73.90 million VND/tael, down 200,000 VND/tael for buying, down 400,000 VND/tael for selling. The difference between selling and buying gold price is only 1.2 million VND/tael. Yesterday this number was 1.4 million VND/tael.
Immediately after reaching an all-time high, gold was sold off by investors and "falling freely". In the domestic market, investors immediately lost 1.9 million VND/tael after just 1 day. Illustrative photo
SJC gold price at Phu Nhuan Jewelry Company - PNJ is listed at: 72.70 million VND/tael - 73.80 million VND/tael, down 500,000 VND/tael in both buying and selling directions.
Bao Tin Minh Chau Gold and Gemstone Company is buying and selling SJC gold at the price of: 72.70 million VND/tael - 73.78 million VND/tael, down 350,000 VND/tael for buying, down 370,000 VND/tael for selling.
SJC gold price at Saigon Jewelry Company – SJC is trading at: 72.60 million VND/tael – 73.80 million VND/tael, down 400,000 VND/tael in both directions compared to the end of yesterday.
It can be seen that the price of SJC gold is falling quite sharply, losing the 73 million VND/tael mark for buying and the 74 million VND/tael mark for selling. Along with the sharp decline, the difference between buying and selling prices is very high, causing buyers of SJC gold yesterday morning to lose from 1.5 million VND to 1.9 million VND/tael after just one day.
Meanwhile, the price of SJC gold also adjusted sharply. At Bao Tinh Minh Chau Company, the price of Thang Long Dragon gold decreased by 400,000 VND/tael to 61.58 million VND/tael - 62.73 million VND/tael. The mark of 63 million VND/tael was no longer maintained.
At PNJ Company, PNJ gold price is buying and selling at: 61.20 million VND/tael - 62.30 million VND/tael, down 400,000 VND/tael for buying, down 500,000 VND/tael for selling compared to yesterday.
Gold was sold off on the world market
SJC and non-SJC gold prices both fell sharply domestically after world gold prices were sold off in last night's trading session in the US market.
Last night, in the US market, gold and silver prices fell sharply after gold overnight soared to a new record high of $2,152.30, according to the February Comex futures contract. Silver hit a seven-month high overnight.
Both precious metals markets are seeing short-term futures traders take profits after recent solid gains. Importantly, the price action in gold and silver suggests that the uptrend has now run out of steam in the short term and a short-term (but not long-term) market top has been formed.
That means gold and silver prices may have peaked for at least a few weeks, not much longer, but then a new high could be on the horizon – possibly around 2024. February gold last fell $44.10 to $2,046.00. March silver last fell $0.997 to $24.875.
Daily bearish factors for the gold and silver markets to start the trading week were a strong US dollar index, rising US Treasury yields and weaker crude oil prices.
However, both metals remain supported by generally bullish technical charts, a generally weaker US dollar in the foreign exchange market, falling bond yields, ongoing safe-haven demand and the view that major central banks around the world will step back from their rate-hike cycles. A serious escalation in the turmoil in the Middle East could push gold and silver prices higher and faster.
Asian and European stock markets were mixed to firmer overnight. US stock indexes were lower near midday. Risk aversion deepened at the start of the trading week as tensions in the Middle East escalated,…
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