At 11:00 a.m. on March 18, 2024, the price of SJC gold turned down again compared to the early morning of the same day. Specifically, Saigon Jewelry Company Limited - SJC listed the afternoon buying price of SJC gold at 79 million VND/tael and the selling price at 81 million VND/tael.

Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted down 200,000 VND for buying and down 720,000 VND for selling.

After a sharp drop in selling prices, the difference between the buying and selling prices of SJC gold at this unit was shortened to 2 million VND.

Gold price listed at Saigon Jewelry Company Limited. (Website screenshot at 11:00 a.m. on March 18, 2024)

At the same time, SJC gold price at Bao Tin Minh Chau was listed at 78.9 million VND/tael for buying and 80.9 million VND/tael for selling.

Compared to the early morning of the same day, the price of SJC gold here was adjusted down by 700,000 VND for buying and 550,000 VND for selling. The difference between buying and selling prices at this unit is currently at 2 million VND. This difference is still at a high level, causing investors to face the risk of losing money when buying gold.

At the same time, the world gold price also decreased to around 2,156 USD/ounce. Converted at the current exchange rate, the world gold price is about 64.8 million VND/tael, excluding taxes and fees.

Gold price listed at Bao Tin Minh Chau. (Website screenshot at 11:00 on March 18, 2024)

Recently, the domestic gold price has been constantly fluctuating according to the world gold price, increasing and decreasing from a few hundred to a few million VND/tael within a day, making many investors feel insecure and worried. For example, on the afternoon of March 13, the price of gold bars decreased by 2.7 million VND/tael in the selling price compared to the early morning and lost the 80 million VND/tael mark, but only the next day it jumped up by nearly 2 million VND/tael, returning to the 81.5 million VND threshold.

According to economic experts, fluctuations in domestic gold prices are mainly influenced by world gold prices and supply and demand. When world gold prices peak, domestic gold prices will also increase sharply and vice versa.

Wondering whether to buy gold for investment at this time, Ms. Thu Phuong (Bac Tu Liem, Hanoi) is worried, having a little savings but not knowing what to invest in at this time. Buying gold, the price increases and decreases rapidly, if not calculated carefully, investors will not be able to react in time, leading to big losses. Not to mention, today the gold price has decreased, but is still at its peak, investing at this time is still a bit risky. " I have idle money but still don't know whether to invest in gold or stocks. In early March 2024, I intend to invest in gold, even "surf" to make a profit, but I still don't dare to spend money to buy gold" - Ms. Thu Phuong shared.

Gold prices have fallen, many investors are planning to take the opportunity to "surf", but experts advise investors and people to be cautious. Illustrative photo

Giving advice to investors and people at this time, some economic experts noted that investors who intend to invest in gold should consider waiting longer because the impacts of government policies, as well as the amendment of Decree 24, could cause gold prices to reverse and decrease.

According to expert analysis, on February 15, 2024, in Directive 06, Prime Minister Pham Minh Chinh requested the State Bank to urgently summarize Decree No. 24 on the management of gold trading activities. Along with that, propose solutions to effectively manage the gold market in the new situation and must be completed in the first quarter of this year.

Immediately afterwards, Deputy Prime Minister Le Minh Khai also issued a document directing the State Bank to quickly summarize Decree 24, report the results of the gold market inspection in February, and not let the domestic gold price differ too much from the world gold price.

If the State Bank’s upcoming measures include an increase in the supply of SJC gold bars, then the gold price will decrease. Otherwise, the gold price will continue to increase, affected by fluctuations in the world gold price.

According to a representative of the Bao Tin Minh Chau gold brand, the price of precious metals is currently quite high, investors and people should consider before trading and regularly monitor gold prices on official channels to make the most correct decision.