After 3 months of fluctuations, domestic gold prices at many major brands have decreased significantly. Buyers of SJC gold bars and 9999 gold rings from mid-June to now, if sold at the present time, all have to face losses of millions of VND per tael.
On the morning of September 17, SJC gold bar prices at Bao Tin Minh Chau, DOJI, Phu Quy were listed around 142.7 - 145.8 million VND/tael (buying - selling), significantly lower than the price of 149.8 - 151.8 million VND/tael recorded at these brands on June 17.
The downward trend of domestic gold prices takes place in the context that the world gold market is also under adjustment pressure. As of 9:05 am on September 17, the world gold price was at 4,298.7 USD/ounce, down from the level of 4,341.4 USD/ounce recorded on the morning of June 17.
SJC gold bar buyers lose up to more than 9 million VND/tael
At Bao Tin Minh Chau, SJC gold bar prices on the morning of September 17 were listed at 142.7 - 145.8 million VND/tael. Compared to June 17, the buying price decreased by 7.1 million VND/tael, from 149.8 million VND/tael to 142.7 million VND/tael. The selling price decreased by 6 million VND/tael, from 151.8 million VND/tael to 145.8 million VND/tael.
At the current price, people who bought SJC gold bars at Bao Tin Minh Chau on June 17 and resold them on the morning of September 17 are suffering a loss of about 9.1 million VND/tael.
At DOJI, SJC gold bar prices decreased from 149.8 - 151.8 million VND/tael to 142.8 - 145.8 million VND/tael. In which, the buying side decreased by 7 million VND/tael, and the selling side decreased by 6 million VND/tael.
If buying gold at DOJI 3 months ago, people currently selling it would suffer a loss of about 9 million VND/tael.
Similarly, in Phu Quy, SJC gold bar prices also decreased from 149.8 - 151.8 million VND/tael to 142.8 - 145.8 million VND/tael. The buying price decreased by 7 million VND/tael, while the selling price decreased by 6 million VND/tael.
Thus, people who bought SJC gold bars at Phu Quy on June 17 are also suffering a loss of about 9 million VND/tael.
9999 gold rings decrease, losses remain high
Not only SJC gold bars, buyers of 9999 gold rings at major brands also recorded a sharp decrease after 3 months.
At Bao Tin Minh Chau, the price of 9999 gold rings decreased from 149.8 - 151.8 million VND/tael on June 17 to 142.7 - 146.7 million VND/tael on the morning of September 17.
Compared to 3 months ago, the buying price decreased by 7.1 million VND/tael, while the selling price decreased by 5.1 million VND/tael. If buying on June 17 and selling now, gold ring buyers at Bao Tin Minh Chau suffer a loss of about 9.1 million VND/tael.
At DOJI, 9999 gold rings are currently listed at 143 - 147 million VND/tael, down from 150 - 152 million VND/tael in mid-June.
In which, the buying side decreased by 7 million VND/tael, the selling side decreased by 5 million VND/tael. Gold rings DOJI buyers after 3 months are losing about 9 million VND/tael.
In Phu Quy, the price of 9999 gold rings decreased from 149.3 - 151.8 million VND/tael to 142.8 - 146.8 million VND/tael.
The buying side decreased by 6.5 million VND/tael, the selling side decreased by 5 million VND/tael. Buyers of Phu Quy gold rings at the time of June 17 are currently suffering a loss of about 9 million VND/tael.
Buy-sell spread increases, greater risks for buyers
It can be seen that one factor causing the loss of gold buyers to increase is the difference between the buying and selling prices that businesses are widening compared to 3 months ago.
For SJC gold bars, the buying - selling difference at Bao Tin Minh Chau increased from 2 million VND/tael to 3.1 million VND/tael. At DOJI and Phu Quy, the difference also increased from 2 million VND/tael to 3 million VND/tael.
With 9999 gold rings, the difference even increased more sharply. Bao Tin Minh Chau, DOJI and Phu Quy are all applying a difference of about 4 million VND/tael, while in mid-June it was only about 2 - 2.5 million VND/tael.
The large buy-sell gap makes buyers bear additional costs when trading. In case the market goes down, investors may suffer a larger loss because they are both affected by the price decrease and lose more of the difference between the two trading directions.
The article only updates the developments of the gold market and factors affecting the price of precious metals, not investment recommendations.
