Vietnam gold prices plunge, SJC selling at 143.8 million VND per tael

The price of SJC gold bars in Vietnam has experienced a dramatic decline, with the selling price dropping to 143.8 million VND per tael as of midday on June 9. This represents a significant decrease of 13.7 million VND per tael over the past week alone.

The sharp fall in domestic prices has narrowed the gap between Vietnamese and global gold markets to approximately 6 million VND per tael. This is the lowest differential seen in several years. Globally, gold prices have also seen a downturn, decreasing by over $400 USD per ounce in the past month and nearly 23.6% from their late January peak.

This price volatility has left many investors who bought gold at higher prices, particularly in the 170-190 million VND per tael range, facing substantial losses. Even those who bought around 160 million VND per tael are reportedly down over 20 million VND. The current market situation has also led to reduced liquidity, with potential buyers hesitant to enter the market, while gold suppliers report ample stock.

The price of SJC gold rings (9999) is also closely following the trend, selling at 143.6 million VND per tael, only slightly lower than gold bars. Silver prices have also decreased, with global prices at $67.77 USD per ounce and domestic prices varying slightly among different companies.