The morning's sell-off accelerated after noon, with Vietnam's national gold brand plunging to 143.5 million VND as global prices collapse.
Vietnam's domestic gold market is in a state of freefall this afternoon, as a morning panic sell-off intensified, sending prices for the national SJC brand into a nosedive.
The downward momentum, which began this morning, showed no signs of slowing. As of 3:00 PM local time, major gold trading houses and jewelers were forced into a series of sharp downward revisions.
In a stunning move, SJC-branded gold bars lost a staggering 2.9 million to 3.9 million VND per tael (approximately 1.2 troy ounces) compared to yesterday’s closing prices.
This brutal price cut has pushed trading levels to lows not seen in recent memory. Major suppliers are now quoting SJC gold at approximately 143.5 million VND for buy-in and 145.5 million VND for sell-out. This wide spread also indicates significant market volatility and risk aversion from dealers.
The shockwave was not limited to the premium SJC bars. Plain gold rings, a popular investment and savings product for many Vietnamese, also "fell sharply," according to market reports, wiping out value for small-scale holders.
This domestic collapse directly mirrors a rout in the global market, where international gold prices have also plummeted, breaking the key psychological $4,000 per ounce support level. With no bottom in sight, investor sentiment has turned decidedly bearish, and buyers have all but vanished, waiting to see just how low prices will go.