Many gold shops in Ho Chi Minh City this morning simultaneously reduced 50,000-250,000 VND per tael, causing buyers yesterday to suffer losses from 750,000 to 800,000 VND if sold immediately.
DOJI Jewelry Group this morning listed the buying price in Ho Chi Minh City at 55.65 million dong and sold out 56.3 million dong, up 50,000 dong per tael compared to yesterday. This is the only business that adjusted the price up after the day of Than Tai, but has the highest difference in buying and selling in the market with 650,000 VND per tael.
At the same time, Saigon Jewelry Company (SJC) reduced 50,000 VND per purchase to 55.55 million VND. The selling price fell sharply compared to the previous afternoon when it lost 250,000 dong, down to 56.05 million dong.
Mi Hong Gold Shop also sharply adjusted the selling price, down to less than 56 million dong per tael. Converted at Vietcombank exchange rate, the domestic gold price is still about 5 million dong higher than the world.
Yesterday (February 21), most gold bar trading systems listed the selling price of 56.3-56.4 million dong per tael, not including processing money. Therefore, customers who bought in Than Tai’s day until this morning had lost about 750,000-850,000 VND per tael.
According to a survey by Kitco, the precious metals market is becoming negative when prices are on a strong decline due to pressure when bond yields rise. About 71% of Wall Street experts believe gold will continue to plunge this week, while only 17% expect optimistic developments and 11% are neutral.