After 3 days, the buyer lost 4 million VND.

On the morning of March 24, gold prices recorded a week of decline. Specifically, Saigon Jewelry Company - SJC bought gold bars at VND78 million/tael and sold them for VND80.3 million. Compared to the end of last week, each tael of SJC gold bar decreased by VND1.2 million in buying and VND1.4 million in selling. However, compared to the peak price of the week on March 21, gold bars decreased by VND2 million in buying and VND1.7 million in selling. Adding the difference in buying and selling prices, customers lost VND4 million per tael after 3 days.

Gold bar buyers lost 4 million VND per tael after 3 days

Meanwhile, 4-number 9 gold rings at SJC were bought for 67.8 million VND and sold for 69.1 million VND. Compared to the end of last week, gold rings increased by 200,000 VND in buying price but decreased by 300,000 VND in selling price. This increased the difference between buying and selling gold rings to 1.3 million VND/tael instead of 1.2 million VND as last week. Bao Tin Minh Chau Company ( Hanoi ) currently buys gold rings for 68.33 million VND and sells for 69.63 million VND, an increase of 200,000 VND after a week. The difference between buying and selling gold rings is still maintained by this unit at 1.3 million VND.

The world gold price at the end of the week stood at 2,165.5 USD/ounce, up nearly 10 USD compared to the end of last week. Converted equivalently according to Vietcombank exchange rate, the world gold price is currently at 65.1 million VND/tael (excluding taxes and fees). Thus, each tael of SJC gold bar is 15.2 million VND higher than the world price while the same brand of gold ring is 4 million VND higher.

The world's precious metal has hit a weekly peak of over $2,209/ounce after the US Federal Reserve (Fed) announced that it would keep interest rates unchanged at 5.25% - 5.5%. At the same time, Fed members still forecast three interest rate cuts in 2024. This has led investors to increase their forecast that the Fed will start cutting interest rates from June to a higher level than before. According to the CME FedWatch Tool, traders are betting on a 71% chance that the US will cut interest rates in June. Lower interest rates will make gold buyers more profitable...

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