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.
Meanwhile, Saigon Jewelry Company listed the buying price of gold at 76.7 million VND/tael; the selling price was 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 VND 1.1 million/tael for buying and VND 800,000/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 today (February 11), investors will lose 1.7 million VND/tael. Meanwhile, those who buy gold at Saigon Jewelry Company SJC will 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 further on the occasion of the God of Wealth Day (the 10th day of the first lunar month).
Along with that, the price difference of gold 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 closing price of last week's trading session.
Gold Price Forecast
This week, 12 analysts participated in the Kitco News Gold Survey, and Wall Street is mostly bullish on gold 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. Seventy-seven retail investors, or 47 percent, expect gold to rise next week. Another 37, or 22 percent, predict lower prices. Fifty-one respondents, or 31 percent, are neutral on the precious metal’s near-term outlook.
US inflation data will once again take centre stage next week, with the release of the January CPI report on Tuesday morning, and the first January PPI on Friday.
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