The domestic gold price opening today's trading session (December 3) was listed by DOJI Group at 72.3 million VND/tael for buying; the selling price was 74 million VND/tael.
The difference between buying and selling gold prices at DOJI is 1.7 million VND/tael.
Compared to the closing price of last week's trading session, gold price at DOJI increased by 1.1 million VND/tael for buying and increased by 1.7 million VND/tael for selling.
Meanwhile, Saigon Jewelry Company listed the buying price of gold at 72.7 million VND/tael; the selling price was 74 million VND/tael.
The difference between buying and selling price of SJC gold is currently 1.3 million VND/tael.
Compared to the closing price of last week's trading session, the gold price at Saigon Jewelry Company SJC increased by 1.4 million VND/tael for buying and increased by 1.7 million VND/tael for selling.
Last week, domestic gold prices increased sharply, but buyers only broke even or made modest profits. The reason was the large difference between buying and selling SJC gold. Specifically, if investors bought gold at DOJI Group on November 26 at VND72.3 million/tael and sold it today (December 3), they would break even.
Meanwhile, gold buyers at Saigon Jewelry Company SJC earned a profit of VND400,000/tael. Currently, the difference between buying and selling domestic gold is very high. This can put buyers at risk of losing money when investing in the short term.
The world gold price closed the trading session of the week listed on Kitco at 2,071.0 USD/ounce, up 68.3 USD/ounce compared to the closing session of the previous week. In the past three weeks alone, the gold price has increased by more than 130 USD/ounce.
Fifteen Wall Street analysts participated in the Kitco News gold survey this week. Of those, eight, or 53%, expect higher gold prices next week. Five analysts, or 33%, see lower prices. Only two, or 13%, are neutral on gold next week.
Meanwhile, 763 votes were cast in Kitco’s online poll. The majority remained as bullish as they were two weeks ago. 495 retail investors, or 65 percent, expect gold to rise next week. Another 155, or 20 percent, predict lower prices. Meanwhile, 114 respondents, or 15 percent, were neutral on the precious metal’s near-term outlook.
Next week, markets await the US Job Openings and Labor Turnover Survey (JOLTS) report on Tuesday, ADP private sector employment on Wednesday, weekly jobless claims report on Thursday and November non- farm payrolls on Friday. Markets will also pay attention to the University of Michigan consumer sentiment survey.
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