Gold buying price difference

The difference between the buying and selling price of gold is so high that the shops are deserted. — Photo: Phu Temple

Gold prices are continuously fluctuating within a wide range.

In recent trading sessions, domestic gold prices have been fluctuating wildly. Within a single trading session, the price of gold can skyrocket and then plummet by several million dong per ounce. As of 1 PM today, DOJI Group listed the buying price of SJC gold at 73 million dong per ounce and the selling price at 77.5 million dong per ounce. The difference between the buying and selling price at DOJI is 4.5 million dong per ounce.

Compared to the opening of the trading session on the same day, the price of gold at DOJI increased by 500,000 VND/ounce for buying and by 1 million VND/ounce for selling.

The trend of SJC gold prices from the beginning of the year to date. Unit: Million VND/ounce. Graphics: Khuong Duy

Meanwhile, Saigon Jewelry Company (SJC) listed the buying price of gold at 74 million VND/ounce and the selling price at 77 million VND/ounce. The difference between the buying and selling price of gold at Saigon Jewelry Company (SJC) is 3 million VND/ounce.

Compared to yesterday's opening price (December 28), the price of gold at Saigon Jewelry Company (SJC) increased by 1.5 million VND/ounce for both buying and selling.

In reality, the price of gold has "evaporated". Immediately after reaching its peak of 80 million VND/ounce on the morning of December 28th, if someone bought gold on the morning of December 28th at 80 million VND/ounce and sold it today, they could incur a loss of up to 7 million VND/ounce.

The jewelry store was deserted.

Amidst the volatile gold prices, businesses are adjusting the buy-sell spread to very high levels, ranging from 3 to 4.5 million VND per tael. This puts investors at risk of losses if they buy gold in the short term.

According to observations by reporters from Lao Dong newspaper on the morning and afternoon of December 29, 2023, many gold shops in Hanoi saw a lack of customers. Even large brands did not have a very promising sales scene.

Photo: Phu Temple — Some photos taken by PV at businesses in Hanoi. Photo: Den Phu.

Speaking to a reporter from Lao Dong newspaper, Ms. Nguyen Thu Ha, an employee at a gold, silver, and gemstone shop on Nguyen Trai Street (Thanh Xuan District, Hanoi), admitted that the shop has been quite quiet these days.

"A few days ago, there were more customers, mostly coming to sell gold. For the past two days, the shop has been quite empty, possibly because the price difference is still high," said Ms. Ha.

Buying gold at a jewelry store on Cau Giay Street, Ms. Nguyen Thi Hoa (25 years old, residing in Nam Tu Liem District, Hanoi) shared: "I will get married after the New Year. Today, my husband and I are buying gold. Compared to a few days ago, the price of gold has decreased quite a bit. However, businesses mainly reduced the price on their buying side; the selling price remains quite high."

"I noticed there weren't many customers today. Whether the price is high or low, I still need to buy something, so I didn't think too much about it or calculate too carefully," said Ms. Hoa.