Closing the transaction on November 3, the price of SJC gold bars was listed by DOJI Group and Saigon Jewelry Company SJC at 87.5-89.5 million VND/tael (buy - sell).
On the same day, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 88-89 million VND/tael (buy - sell). Bao Tin Minh Chau listed the price of gold rings at 87.98-88.98 million VND/tael (buy - sell).
At the close of trading on November 10, 2024, DOJI Group and Saigon Jewelry Company SJC simultaneously adjusted the price of SJC gold bars down by VND 5.5 million/tael for buying and VND 3.7 million/tael for selling, bringing this item down to VND 82-85.8 million/tael (buying - selling).
On the same day, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was adjusted down by 4.65 million VND/tael for buying and 3.85 million VND/tael for selling, bringing this item down to 83.35-85.15 million VND/tael (buying - selling).
Meanwhile, Bao Tin Minh Chau listed the price of gold rings at 83.32-85.12 million VND/tael (buy - sell); down 4.66 VND/tael for buying and down 3.86 million VND/tael for selling compared to the closing price on November 3.
Thus, after only one week, SJC gold buyers lost up to 7.5 million VND/tael, while plain gold ring buyers lost around 5.65-5.66 million VND/tael.
Many people line up to buy gold, why?
According to Lao Dong reporters, last weekend, many people lined up at gold and gemstone stores to wait to buy. Through exchanges, the most traded item was the 9999 plain round ring.
"Gold bars are currently off the market, so I'm lining up to buy gold rings. I believe that the price of gold will soon increase again. Now that my savings are low, I see that gold has dropped sharply, so I'm buying some to save," said Nguyen Thi Lan (38 years old), a person lining up to buy gold.
Meanwhile, Mr. Nguyen Van Tuong (33 years old, Nam Tu Liem - Hanoi) said he came to buy gold to pay off his relatives' debt: "Before, my relatives lent me gold, so when I saw the price of gold decrease, I lined up to buy it to pay them back. Recently, the price of gold has been increasing continuously, making me quite worried. When I saw the gold ring price decrease sharply, I planned to wait until it decreased to 80 million VND to buy. However, I saw that the world gold price recovered, so I took advantage of the weekend to go buy. I didn't expect the store to be so crowded."
Buying gold "surfing" still faces risks
The current buying-selling gap between domestic gold prices is too high, causing buyers to face the risk of heavy losses if they buy in the short term.
For example, if a person buys SJC gold bars on November 10, 2024 at DOJI Group or Saigon Jewelry Company SJC at the price of VND 85.8 million/tael (buy - sell), the gold price must increase by VND 3.8 million/tael to start breaking even.
Or if you buy a plain round gold ring at DOJI Group on November 10, 2024 at the price of VND 85.15 million/tael, you have to wait for the gold ring to increase by VND 1.8 million/tael to start breaking even.
Although not completely dependent, domestic gold prices are greatly influenced by the world gold market. In particular, 9999 plain gold rings - an item that many people are interested in recently, often move in the same direction as the world gold price.
In the short term, many experts are not positive on gold. Fourteen analysts participated in the Kitco News gold survey. Only three experts see gold prices rising this week. Nine analysts predict the price of the precious metal will fall. The remaining two analysts see gold prices moving sideways.
There were 249 votes cast in Kitco’s online poll. 114 traders see gold prices rising this week. Another 91 see prices falling. The remaining 44 investors expect gold to trade sideways in the near term. This is the first time in months that short-term bullish expectations for gold have fallen this far.
In the context of negative forecasts for world gold prices, those intending to "surf" gold should be cautious.
See more news related to gold prices HERE...
