Buyer still lost 1.6 million

Gold price increases shockingly, regaining the 80 million VND/tael mark

December 26 was a historic trading session for the domestic gold market. At the beginning of the session, the price of SJC gold increased wildly, increasing by nearly 2 million VND/tael and reaching a new all-time high of 80.30 million VND/tael. However, by the afternoon, this precious metal “free-fall” to nearly 79 million VND/tael.

At the opening session this morning, the market was quite quiet with an increase of 200,000 VND/tael. However, since 9am, the price of SJC gold has been continuously "jumping" on the electronic trading board. And at 9:40am, the price of SJC gold has officially regained the 80 million VND/tael mark, only 300,000 VND/tael away from the all-time high.

Doji Group is the first "gold house" to raise the selling price to 80 million VND/tael, an increase of 800,000 VND/tael compared to the end of yesterday. The buying price is 78.50 million VND/tael, an increase of 1.3 million VND/tael, equivalent to 1.3%. With the buying price increasing significantly compared to the selling price, the gap between the two prices decreased to 1.5 million VND/tael compared to 2 million VND yesterday afternoon.

Gold price increased shockingly, reached 80 million dong, but buyers are still worried about 16 million dong, picture 1 — After yesterday's crazy fluctuation, this morning, SJC gold price increased again, regaining the 80 million VND/tael mark. However, buyers still lost 1.6 million VND/tael. Illustrative photo

After that, Saigon Jewelry Company – SJC also adjusted the selling price up by 800,000 VND/tael to 80 million VND/tael. The buying price of SJC gold at SJC Company is 78.30 million VND/tael. Thus, the difference between the selling price and the buying price at SJC is up to 1.7 million VND/tael.

After Doji Group and SJC Company, Bao Tin Minh Chau Gold and Gemstone Company also regained the 80 million VND/tael mark. SJC gold price at Bao Tin Minh Chau is currently listed at: 78.35 million VND/tael - 80 million VND/tael.

The last adjustment, but Phu Nhuan Jewelry Company - PNJ is having the highest selling price of SJC gold, up to 80.10 million VND/tael. The buying price is 78.30 million VND/tael. At PNJ, the difference between selling and buying prices is the highest in the market, up to 1.8 million VND/tael.

Non-SJC gold prices also reached new records. At Bao Tin Minh Chau, the price of Thang Long Dragon gold was traded at: 63.33 million VND/tael - 64.38 million VND/tael. PNJ gold price at PNJ Company was traded at: 62.75 million VND/tael - 63.85 million VND/tael.

Buyers still lose 1.6 million VND/tael

Besides the fact that the price of SJC gold increases too strongly or decreases too deeply, at this time, one of the factors that can cause a lot of risks for investors that many experts emphasize is the difference between the selling and buying prices, the difference between the price of SJC gold and the domestic gold price is too large.

Specifically, yesterday afternoon, one of the most notable points was that the "gold shops" widened the gap between selling and buying prices. If in the early morning of December 26, the difference was 1 million VND/tael, by the end of the day, this number jumped to 2 million VND/tael. Therefore, even though the gold price "only" decreased by 1 million VND/tael, buyers lost 3 million VND/tael.

By the morning of December 27, although this gap was not maintained at the record high of 2 million VND/tael, it was still very large, from 1.45 million VND/tael to 1.8 million VND/tael. Therefore, although the price of SJC gold was increasing from 800,000 VND/tael to 1.3 million VND/tael, investors still lost about 1.6 million VND/tael.

Meanwhile, as mentioned above, SJC gold price increased by 1.3% but world gold price only increased very slightly.

Gold prices edged lower in the US overnight, supported by a weaker US dollar and lower Treasury yields on expectations that the Federal Reserve will cut interest rates next year.

Spot gold rose 0.3% to $2,058.17 an ounce after hitting a more than two-week high of $2,070.39 in the previous session. U.S. gold futures were little changed at $2,069.40.

At the world gold price of 2,058.17 USD/ounce, the converted SJC gold price is about 61.53 million VND/tael. Thus, the SJC gold price is 18.57 million VND/tael more expensive than the world gold price. This is a record high difference in 2023. The non-SJC gold price is 2.85 million VND/tael more expensive than the world gold price.

With the difference between the selling price and buying price of SJC gold and the domestic gold price and world gold price at a record high, experts advise investors not to buy gold at this time because they face many risks.

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