SJC gold bar price drops sharply
After more than 2 months, domestic gold prices recorded a decrease of tens of millions of VND per tael. Not only affected by the downward trend of world prices, buyers also suffered a large loss due to the buying-selling difference always maintained at a high level.
On July 6, SJC gold bar prices at many businesses were listed around 147.5–151.4 million VND/tael.
Accordingly, Phu Quy is listed at 148–151.4 million VND/tael, while DOJI is trading at 148.4–151.4 million VND/tael.
Compared to April 25, the selling price at these two enterprises has decreased by about 17.4–17.8 million VND/tael. On the buying side, the decrease ranged from 17.9–18.3 million VND/tael.
At the current price, buyers buy one tael of SJC gold bars on April 25th at a price of about 168.8 million VND/tael, if resold on July 6th, the temporary loss will be about 20.4–21.3 million VND/tael, depending on the business.
Gold ring buyers also suffer heavy losses
A similar development appeared on the 9999 gold ring market.
On July 6, Phu Quy listed the price of gold rings at 148–151 million VND/tael, while DOJI listed at 148.4–151.4 million VND/tael.
Compared to April 25, the price of gold rings at these businesses decreased by about 17.4–17.8 million VND/tael.
Gold ring buyers at the same time, if sold at the present time, are also suffering a similar loss of about 20.4–20.8 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of gold rings at 147.5–151 million VND/tael. With the high buying price on April 25, buyers could lose up to 21.3 million VND/tael.
World gold prices fall by more than 530 USD/ounce
On the international market, gold prices also fell sharply in the same period. From about 4,708.8 USD/ounce on April 25, to July 5, it was only about 4,174.1 USD/ounce, equivalent to a decrease of 534.7 USD/ounce (11.4%).
The above developments show that buying gold at high prices poses a high risk, especially during a period of strong fluctuations.
In addition to the risk of price decrease, the buying-selling spread is currently still maintained at about 3–3.5 million VND/tael, causing investors to almost suffer losses immediately when trading and need a large enough increase to break even.
In the context of continuous fluctuations in world gold prices, the domestic market may adjust further if the downward trend lasts. This increases loss-making pressure on buyers in the peak area.
Therefore, investors need to carefully consider financial goals, risk tolerance and avoid the fear of missing opportunities (FOMO) when participating in the gold market during a period of strong fluctuations.
