Gold price drops sharply, loss of 2.5 million after one buying session

Heavy loss when buying SJC gold bars

On October 31, the price of SJC gold bars was adjusted up by 1 million VND/tael by domestic businesses. At 9:00 a.m. on October 31, the price of SJC gold bars was listed by DOJI Group, Bao Tin Minh Chau and Saigon SJC Jewelry Company at 88-90 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, the gold price of these units increased by 1 million VND/tael for both buying and selling; the difference between the buying and selling prices of SJC gold is at 2 million VND/tael.

At 9:50 a.m. on November 1, Saigon Jewelry Company SJC listed the price of SJC gold at 87.5-89.5 million VND/tael (buy - sell). Compared to the beginning of the previous trading session, the gold price at Saigon Jewelry Company SJC decreased by 500,000 VND/tael for both buying and selling. The difference between the buying and selling prices of SJC gold at Saigon Jewelry Company SJC is at 2 million VND/tael.

Bao Tin Minh Chau listed the price of SJC gold at 87.5-89.5 million VND/tael (buy - sell). Compared to the beginning of the previous trading session, the gold price at Bao Tin Minh Chau decreased by 500,000 VND/tael for both buying and selling. The difference between the buying and selling prices of SJC gold at Bao Tin Minh Chau is at 2 million VND/tael.

Meanwhile, the price of SJC gold bars was listed by DOJI Group at 88-90 million VND/tael (buy - sell). Compared to the beginning of the previous trading session, the gold price at DOJI remained the same in both buying and selling directions. The difference between the buying and selling price of SJC gold at DOJI Group was at 2 million VND/tael.

Thus, after just one trading session, buyers of gold bars at Bao Tin Minh Chau and Saigon SJC Jewelry Company lost 2.5 million VND/tael. Meanwhile, the loss when buying SJC gold bars at DOJI will be 2 million VND/tael.

Buy gold rings lighter holes

Although the prices have also been adjusted down by businesses, the loss when investors buy 9999 plain gold rings is much lower than when buying SJC gold bars.

At 9:00 a.m. on October 31, the price of Hung Thinh Vuong 9999 round gold rings was adjusted by DOJI to increase by 600,000 VND/tael to 88.6-89.6 million VND/tael (buy in - sell out). Bao Tin Minh Chau listed the price of gold rings at 88.58-89.58 million VND/tael (buy in - sell out).

Early this morning, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 88.25-89.25 million VND/tael (buy - sell); down 350,000 VND/tael in both directions.

Similarly, Bao Tin Minh Chau listed the price of gold rings at 88.23-89.23 million VND/tael (buy - sell); down 350,000 VND/tael in both directions.

Thus, after one session, buyers of plain gold rings at DOJI and Bao Tin Minh Chau both lost 1.35 million VND/tael.

The reason why buying gold rings is lighter than buying gold bars is because the difference between buying and selling gold rings is listed by business units as 1 million VND/tael lower than gold bars.