Loss of up to 1.7 million VND/tael after one week

Domestic gold prices are during the Lunar New Year holiday. Currently, the SJC gold price listed by DOJI Group is 76.55 million VND/tael for buying; the selling price is 78.85 million VND/tael.

Compared to the closing price of last week's trading session, gold price at DOJI increased by 600,000 VND/tael for both buying and selling.

The difference between buying and selling price of SJC gold at DOJI is 2.3 million VND/tael.

Domestic gold price developments. Unit: Million VND/tael. Graphics: Khuong Duy

Meanwhile, Saigon Jewelry Company listed the buying price of gold at 76.7 million VND/tael; the selling price is 78.9 million VND/tael.

Compared to the closing price of last week's trading session, the gold price at Saigon Jewelry Company SJC increased by 1.1 million VND/tael for buying and increased by 800,000 VND/tael for selling.

The difference between buying and selling prices of SJC gold decreased from 2.5 million VND/tael to 2.2 million VND/tael.

Gold prices increased sharply, however the difference between buying and selling gold last week was too high, causing investors to suffer losses.

If you buy gold at DOJI Group in session 4.2 at the price of 78.25 million VND/tael and sell it in today's session (11.2), investors will lose 1.7 million VND/tael. Meanwhile, those who buy gold at Saigon Jewelry Company SJC also lose 1.4 million VND/tael.

The current difference between buying and selling gold prices is listed at 2.3 million VND/tael. This difference is considered very high. Investors face the risk of loss when businesses push the risk onto buyers.

Although domestic gold prices have fluctuated within a narrower range in recent sessions than in previous periods, the price of this metal is expected to increase on the occasion of God of Wealth Day (the 10th day of the first lunar month).

Along with that, the difference in gold price on God of Wealth day is usually pushed higher than other trading sessions.

The world gold price opened this morning's trading session listed on Kitco at 2,024.4 USD/ounce, down 15.3 USD/ounce compared to the close of last week's trading session.

World gold price developments. Chart: Khuong Duy

Gold price forecast

This week, 12 analysts participated in the Kitco News Gold Survey, and Wall Street is mostly bullish or sideways in the near term. Four experts, or 42%, expect higher prices next week, while only one analyst, or 8%, predicts lower prices. Six experts, or half of those surveyed, predict sideways prices next week.

Meanwhile, 165 votes were cast in Kitco’s online poll, with a near majority of investors remaining bullish. 77 retail investors, or 47%, expect gold to rise next week. Another 37, or 22%, predict lower prices. 51 respondents, or 31%, are neutral on the precious metal’s near-term outlook.

US inflation data will once again take center stage next week, with the January CPI report due on Tuesday morning, and the first January PPI on Friday.

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