Domestic gold market goes wild, sees sharp fluctuations
VOV.VN - The domestic gold market has gone wild during the past few days, with gold bar prices nosediving to VND67 million/tael after reaching all-time high of VND74 million within days.
After climbing to new record of VND74.4 per tael on March 8, local gold prices suddenly plummeted to VND67.3 million per tael on March 10.
The March 10 morning trading session saw the buying and selling prices for gold bars quoted by Saigon Jewelry Company Limited (SJC) at VND65.5 million - VND67.3 million per tael.
Meanwhile, Phu Nhuan Jewelry Joint Stock Company (PNJ) was trading gold at VND66.6 million for buying and VND68.4 million for selling per tael.
These changes mean that consumers would face a loss of VND8.9 million per tael if they purchased a gold bar on March 8 and resold it today.
In the global market, gold prices also declined sharply on March 10 morning, hovering at around US$1,974 an ounce, or US$90 per ounce lower than the previous day.
Gold prices have fluctuated wildly for the past few days following Russia’s special military campaign in Ukraine. Given the sharp fluctuations, experts warned gold is a risky investment channel at the moment.
Currently, gold prices in Vietnam stands at about VND14.01 million/tael more than the rest of the world.
