SJC gold price increased sharply... 11.3 times the world gold price

If the price of SJC gold keeps rising, buyers will keep losing money.

The domestic gold market is gradually getting used to the paradox: the price of SJC gold keeps rising, but buyers keep losing money. After a week of trading, the price of SJC gold has increased by 2 million VND/ounce, but buyers are still losing between 700,000 VND and 1.05 million VND/ounce.

Specifically, the SJC gold price at Saigon Jewelry Company - SJC closed the week at: 74 million VND/tael - 77 million VND/tael, an increase of 2 million VND/tael in both buying and selling compared to the end of last week. Although the SJC gold price increased by 2 million VND/tael, the selling price was 3 million VND/tael higher than the buying price, so buyers still lost 1 million VND/tael.

At Doji Group, the price of SJC gold is currently listed at: 73.95 million VND/ounce – 76.95 million VND/ounce, an increase of 1.95 million VND/ounce. After one week of buying, investors have lost 1.05 million VND/ounce.

Although the Prime Minister has directed that measures must be taken to reduce the gap between domestic and world gold prices, this week, the price of SJC gold still increased sharply, 11.3 times higher than world gold prices. Illustrative photo

Phu Nhuan Jewelry Company – PNJ “closed” the price of SJC gold this week at: 74.50 million VND/tael – 77.50 million VND/tael, an increase of 2 million VND/tael for buying, an increase of 2.3 million VND/tael for selling (equivalent to 3.05%). Investors lost 700,000 VND/tael.

The price of SJC gold at Bao Tin Minh Chau Company remained at: 74 million VND/ounce – 76.90 million VND/ounce, an increase of 1.75 million VND/ounce for buying and 2.15 million VND/ounce for selling (equivalent to 2.88%). After one week, buyers have lost 750,000 VND/ounce.

Alongside SJC gold, non-SJC gold also experiences price fluctuations. Although not as volatile as SJC gold, non-SJC gold can still cause investors to lose money even when prices continue to rise.

At Bao Tin Minh Chau, the price of Thang Long Dragon gold is being traded at: 63.42 million VND/tael - 64.52 million VND/tael, an increase of 840,000 VND/tael in both buying and selling directions, equivalent to 1.32%.

At PNJ company, the price of PNJ gold increased by 400,000 VND/ounce for buying and 500,000 VND/ounce for selling, reaching 62.40 million VND/ounce – 63.50 million VND/ounce.

Buyers of Thang Long and PNJ gold bars suffered slight losses.

SJC gold prices surged 11.3 times higher than world gold prices.

Throughout the past time, gold investors have always faced two risks. That is the selling price is too high compared to the buying price and the domestic price is too high compared to the world gold price.

Prior to the "gold rush" that began in late December 2023, the Prime Minister had directed measures to reduce the gap between domestic and international gold prices, but this week, the price of SJC gold still surged tenfold compared to world gold prices.

At the close of this week, the world gold price stood at $2,049.7 per ounce, an increase of nearly $6 per ounce, equivalent to 0.27% compared to the end of last week. Thus, the price of SJC gold has increased by as much as 11.3 times the world gold price.

At the world gold price of $2,049.7 USD/ounce, the price of SJC gold is equivalent to 61.23 million VND/ounce. Thus, SJC gold is currently about 15.77 million VND/ounce more expensive than the world gold price. This is a very high difference, posing significant risks for buyers.

This week, although the precious metal was almost flat, geopolitical uncertainty has made the belief in gold shining next week stronger.

This week, ten Wall Street analysts participated in Kitco News' Gold Survey, and they were even more optimistic than last week. Seven experts, or 70%, predicted higher gold prices next week, while only one analyst, or 10%, predicted a decline. The remaining two experts, or 20% of the total, held a neutral view on gold for the coming week.

Meanwhile, 121 votes were cast in Kitco's online polls, in which market participants continued the recent cautious trend regarding gold's potential performance. 59 retail investors, representing 49%, expect gold to rise next week. Another 39%, or 32%, predict lower prices, while 23 respondents, or 19%, hold a neutral view on the precious metal's short-term outlook.

Next week, Bob Haberkorn, senior commodities broker at RJO Futures, said the market will be watching what happens in the Middle East.

“I can see gold actually rallying to all-time highs again on geopolitical risk next week,” he said.

Source: https://www.congluan.vn/gia-vang-sjc-tang-manh-gap-113-lan-vang-the-gioi-post280891.html