As of 5 PM on March 24, 2024, the price of SJC gold in Vietnam fluctuated slightly compared to the early morning of the same day. Saigon Jewelry Company Limited (SJC) listed the buying price of SJC gold at 78 million VND/ounce and the selling price at 80.3 million VND/ounce.
Compared to the early morning of the same day, the price of SJC gold at this establishment was slightly adjusted down by 20,000 VND in the selling price and remained unchanged in the buying price.
Compared to the closing price of last week's trading session, the price of gold here has been adjusted down by 1.2 million VND/ounce for buying and 1.4 million VND/ounce for selling. The buy-sell spread at this establishment is currently 2.3 million VND.
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| Gold prices listed at Saigon Jewelry Company Limited (SJC). Screenshot from website at 5:00 PM on March 24, 2024. |
Similarly, at the same time, Bao Tin Minh Chau listed the buying price of SJC gold at 78 million VND/ounce and the selling price at 79.85 million VND/ounce. Compared to the early morning of the same day, the price of SJC gold at this establishment was adjusted down by 50,000 VND in the buying price and down by 100,000 VND in the selling price. The difference between the buying and selling price at this establishment is currently at 1.85 million VND.
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| Gold prices listed at Bao Tin Minh Chau. Screenshot from the website at 5:00 PM on March 24, 2024. |
Thus, today, the price of gold remained stable compared to yesterday but still hovered above 80 million VND/ounce. Domestic gold prices also fell for the second consecutive week. If calculated from the peak price of 82.5 million VND/ounce, each ounce of SJC gold has decreased by approximately 2 million VND/ounce.
Last week, gold prices experienced a sharp decline, combined with an excessively high buy-sell spread, resulting in significant losses for investors.
If an investor bought gold at Saigon Jewelry Company Limited (SJC) on the morning of March 17th at 81.72 million VND/ounce and sold it this afternoon (March 24th) at 78 million VND/ounce, they would lose more than 3.7 million VND/ounce.
The current difference between the buying and selling price of gold is listed around 2-2.3 million VND/ounce. This difference is considered very high. Investors face the risk of losses when investing in the short term.
On the global market, the price of gold on the Kitco exchange closed the week at $2,164 per ounce. Gold futures for June 2024 delivery on the Comex New York exchange traded at $2,166 per ounce. At current prices, the difference between the world gold price converted to VND (including taxes and processing fees) and the domestic SJC gold price is approximately VND 14.44 million per tael.
This price difference has narrowed considerably compared to the approximately 16-17 million VND/ounce a few weeks ago, and is particularly narrower compared to the record peak of around 18-19 million VND/ounce between SJC gold and world gold at the end of last year.
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| The spread between buying and selling gold is currently considered very high. Investors face the risk of losses when investing short-term. (Illustrative image) |
According to experts, SJC gold prices cooled down quickly and narrowed the gap with world prices amidst market expectations of new developments regarding proposals to manage gold bars, aiming to eliminate the SJC gold monopoly and license certain qualified businesses to produce SJC gold and gold rings.
Amidst the continued sharp decline in gold prices, many experts advise that investors and individuals who bought gold at prices lower than their purchase price should consider selling to lock in profits. This is because the domestic gold market is being affected by the global gold market following the dovish statement from the US Federal Reserve (FED). Furthermore, the domestic gold market is holding its breath awaiting specific directives from the Government and the State Bank of Vietnam.
Previously, the Government had issued directives and requests to immediately address the disparity between domestic and international gold prices, preventing the "goldization" of the economy , and strictly punishing acts that destabilize and jeopardize the gold market, as well as acts of smuggling, manipulation, and speculative profiteering that drive up gold prices.
"In the coming period, if the State Bank of Vietnam increases the supply of SJC gold bars to the market, the price of gold will decrease. Therefore, at this time, investors who have already made a profit should consider selling their gold to lock in profits and avoid losses," some experts advised.
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