Gold price decreases by 2 million VND/tael, investors suffer losses after a week

Closing the weekly trading session on May 24, Saigon SJC Jewelry Company listed the price of SJC gold bars at 158.5-161.5 million VND/tael (buying - selling). The difference between the buying and selling prices is up to 3 million VND/tael.

Compared to the end of last week (May 17), the price of SJC gold bars at this enterprise decreased by 2 million VND/tael in both buying and selling directions. DOJI Group also listed a similar price, and also decreased by 2 million VND/tael compared to the previous week.

However, what is noteworthy is that although gold prices only decreased by about 2 million VND/tael in a week, gold buyers suffered a much larger loss.

If investors buy SJC gold bars at the time of May 17 and sell them in today's session, they will lose up to 5 million VND/tael. The reason is not only from the decline in gold prices but also because the gap between buying and selling prices is pushed too high.

In fact, when investors buy gold at the selling price of enterprises and resell it at the buying price, the difference of 3 million VND/tael almost becomes a "fixed" loss right at the time of transaction. When the gold price continued to decrease by about 2 million VND/tael in the week, the total loss was extended to about 5 million VND/tael.

A similar development also appeared in the 9999 gold ring market. DOJI and Phu Quy both listed gold ring prices at 158.5-161.5 million VND/tael, down 2 million VND/tael compared to the end of last week. The buying - selling difference still maintained around the threshold of 3 million VND/tael.

Therefore, people who bought gold rings last week and sold them at the present time also suffered a similar loss, about 5 million VND/tael.

Meanwhile, world gold prices closed the week at 4,508.5 USD/ounce, down 30.7 USD/ounce compared to a week ago. The adjustment pressure of international gold prices continues to affect domestic market sentiment.

Investors need to be particularly cautious in the context that the buying-selling spread is maintained at too high a level. This is a factor that causes the risk of losses to increase sharply, even when gold prices only adjust slightly.

In addition, the gold market is still heavily affected by global economic and geopolitical fluctuations. If world gold prices fluctuate sharply in a downward direction, domestic gold prices may continue to be under adjustment pressure. In addition, investors need to avoid the fear of missing opportunities (FOMO), limit chasing purchases at high prices and carefully consider risks before spending money.