Gold ring price close to SJC, experts explain why the market is "unstable"

Gold price today, July 4, 2024, in the world market recorded a sharp increase, while SJC remained "unmoved". Experts said that the potential risk in the difference between buying and selling prices as well as the difference between domestic and world prices will make buyers susceptible to losses.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/4 and EXCHANGE RATE TODAY 7/4

1. SJC - Updated: 07/03/2024 08:29 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	74,980	76,980
SJC 5c	74,980	77,000
SJC 2c, 1c, 5c	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	74,150	75,750
SJC 99.99 gold ring 0.3 chi, 0.5 chi	74,150	75,850
Jewelry 99.99%	74,050	75,050
Jewelry 99%	72,307	74,307
Jewelry 68%	48,689	51,189
Jewelry 41.7%	28,949	31,449

Update gold price today 7/4/2024

Domestic gold prices recorded SJC gold bars at the end of July 3 were still listed by large enterprises at 74.98-76.98 million VND/tael (buy - sell), unchanged after 22 sessions. The difference between the two buying and selling directions is 2 million VND/tael.

Compared to the peak of 92.4 million VND set on May 10, the price of gold bars has decreased by more than 15 million VND/tael.

Meanwhile, the price of gold rings was listed at 74.15-75.75 million VND/tael (buy - sell), an increase of 150,000 VND each way compared to the opening price on July 3.

The price of gold rings closely follows the price of SJC gold bars, the difference has now narrowed to about 1.2 million VND/tael, instead of 18-20 million VND as before.

Since early June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC Company.

For nearly a month, the gold selling price from the State Bank has remained unchanged, so the gold selling price of banks and SJC Company has also remained unchanged.

World gold prices increased sharply. According to TG&VN at 7:00 p.m. on July 3, the world gold price on the Kitco exchange was at 2,349.2 - 2,350.2 USD/ounce, up 20 USD compared to the previous trading session.

Earlier, rising US Treasury yields and a stronger US dollar weighed on the precious metal as markets awaited reports for further clues on the US Federal Reserve's interest rate path.

In his latest speech, Chairman Jerome Powell still emphasized the view that the Fed will need more data before deciding to cut interest rates to ensure that inflation is falling sustainably towards the target level.

Gold prices have continued to fall after reaching a record high of $2,449.89 per ounce on May 20. Prior to that, gold prices had risen sharply due to geopolitical instability and strong gold purchases by many global central banks.

In addition, physical gold demand in some important markets such as India and Türkiye has decreased recently but is showing signs of recovery as many consumers want to protect their assets in the context of high inflation.

Gold price today July 4, 2024: Gold ring price close to SJC, experts explain why the market is 'unstable'. (Source: Finance Yahoo)

Summary of SJC gold prices at major domestic trading brands at the closing time of July 3:

Saigon Jewelry Company listed at 74.98 - 76.98 million VND/tael.

Doji Group is currently listed at: 74.98 - 76.98 million VND/tael.

PNJ system listed at: 74.98 - 76.98 million VND/tael.

Phu Quy Gold and Silver Group listed at 75.50 - 76.98 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.50 - 76.98 million VND/tael.

Potential risks in the gold market

Financial market expert Phan Dung Khanh commented that the world gold price has fluctuated within a narrow range over the past month.

The State Bank of Vietnam has initially succeeded in achieving the goal of reducing the difference between domestic and international gold bar prices from over 17-18 million VND to around 5-6 million VND/tael as it is now.

At the same time, with the difficulty of buying gold bars with limited quantity, many people have become "discouraged" and may temporarily trade less. In addition, the price of gold is stable, so anyone who buys and sells it will immediately lose 2 million VND/tael due to the difference between the buying and selling prices.

This expert affirmed: "Those who bought gold at the peak of around 90 million VND/tael before will lose a lot if they sell, so they are forced to hold on and wait for the price to increase again. Buying is difficult, selling is a loss, so it is understandable that the current market is almost motionless."

From an investment perspective, Mr. Phan Dung Khanh said that the world gold price has only decreased slightly compared to the peak of around 2,450 USD/ounce reached last May. Therefore, the precious metal is still in the peak area. From now until the end of the year, the probability of gold price increase is still possible but it is difficult to increase strongly, so the profit rate is no longer as high as in the first months of the year.

Meanwhile, the USD price remains high, so gold buyers at this time have a higher risk ratio than before. In addition to fluctuations in the world market that are difficult to predict, the gold price in Vietnam can still fluctuate in the opposite direction of the world.

"The risk is still hidden in the difference between buying and selling prices as well as the difference between domestic and international prices, which will make buyers susceptible to losses," said Mr. Khanh.

Source: https://baoquocte.vn/gia-vang-hom-nay-472024-gia-vang-nhan-ap-sat-sjc-chuyen-gia-ly-giai-nguyen-nhan-thi-truong-bat-dong-277303.html