SJC gold was sold for profit, buyers lost 2.4 million VND/tael

Investors rushed to take profits

In the morning trading session of November 29, both SJC gold and non-SJC gold “joined hands” to increase sharply and set new records. While the price of non-SJC gold exceeded 63 million VND/tael, SJC gold surpassed 74 million VND/tael and headed towards 75 million VND/tael.

When the gold price reached its peak of 74.60 million VND/tael, the market became extremely bustling. At large jewelry stores, investors flocked to trade. Some people bought dozens of taels of gold. However, the number of sellers still overwhelmed the buyers.

Sharing with reporters, Ms. Le Thanh Hoa (Hai Ba Trung, Hanoi ), who just sold 5 taels of gold, shared: “I bought 5 taels of gold a long time ago, when the price was only 31 million VND/tael. Now, the gold price has exceeded 74 million VND/tael, which means I have doubled my profit. Because I want to renovate the house, I decided to sell it. If I don’t renovate the house, I will still keep it, as a precautionary asset.”

SJC gold was closed, the buyer lost 24 million dong, picture 1 — SJC gold price reached 74.60 million, making the market become more exciting. Photo: Hoang Tu

Meanwhile, Mr. Duc Anh gave his investment opinion: “VND74 million/tael is a high price beyond my forecast. And I firmly believe that from now until early 2024, the gold price can increase even more strongly. However, before entering a new upward trend, the gold price will have to retreat. Therefore, I see this as a good opportunity to take profit, and then I will hunt for cheap goods.”

Mr. Duc Anh added that he has currently made a 15% profit from holding gold. He is satisfied with this profit rate and believes that the first half of 2024 is still a favorable time to hold gold.

SJC gold buyers lost 2.4 million VND/tael

It can be seen that from the morning to the afternoon of November 29, both gold holders for protection and gold holders for investment sold to take profits. As a result, the price of SJC and non-SJC gold simultaneously dropped sharply, causing gold buyers this morning to suffer heavy losses.

Specifically, as of the afternoon of November 29, the price of SJC gold at Doji Group was listed at: 72.20 million VND/tael - 73.70 million VND/tael, down 1 million VND/tael for buying and 900,000 VND/tael for selling compared to this morning.

Although the gold price decreased by 1 million VND/tael, due to the large difference between the buying and selling prices, if the investor bought this morning and sold this afternoon, he would have lost up to 2.4 million VND/tael. This is a record high daily loss.

At other gold and silver companies, the same situation also occurred.

Saigon Jewelry Company – SJC is listing the price of SJC gold at: 72.50 million VND/tael – 73.70 million VND/tael, down 700,000 VND/tael in both buying and selling directions. The loss that buyers at SJC “only” suffer is 1.9 million VND/tael.

SJC gold price at Bao Tin Minh Chau Gold and Silver Company is traded at: 72.50 million VND/tael - 73.68 million VND/tael, down 720,000 VND/tael for buying, down 700,000 VND/tael for selling. Customers buying at Bao Tin Minh Chau lost 1.88 million VND/tael.

The price of SJC gold at Phu Nhuan Jewelry Company is being traded at: 72.80 million VND/tael - 74 million VND/tael, down 400,000 VND/tael for buying, down 500,000 VND/tael for selling. SJC gold buyers at PNJ lost 1.7 million VND/tael.

Thus, if buying this morning and selling in the afternoon, SJC gold investors will lose from 1.7 million to 2.4 million VND/tael. In that context, the price of non-SJC gold not only did not decrease but also increased slightly.

The price of Thang Long Dragon Gold of Bao Tin Minh Chau is currently listed at: 61.98 million VND/tael - 63.08 million VND/tael, an increase of 100,000 VND/tael for buying and an increase of 200,000 VND/tael for selling compared to this morning. The price of PNJ gold at PNJ Company increased by 100,000 VND/tael to 61.30 million VND/tael - 62.50 million VND/tael.

SJC gold price not only faces profit-taking pressure but also sees world gold price entering a correction period.

At present, in the European market, the world gold price is trading at 2,039.5 USD/ounce, down nearly 10 USD/ounce compared to this morning. However, this decline is considered to be only a temporary adjustment. In the near future, the precious metal is expected to soon climb to an unprecedented high.

Source