Gold prices rise sharply, buyers make small profits
Closing this trading week, Saigon Jewelry Company (SJC) listed gold bar prices at 144.6 - 147.6 million VND/tael (buying - selling). Compared to the last session of last week (August 16), SJC gold prices increased by 3.6 million VND/tael in both directions.
At DOJI, SJC gold bar prices were also listed at 144.6 - 147.6 million VND/tael, an increase of 3.6 million VND/tael compared to a week ago.
However, if buying SJC gold bars on August 16 and selling them on August 23, investors will only earn a profit of about 600,000 VND/tael at both SJC and DOJI.
The reason is that the gap between the buying and selling prices is maintained at a high level. With SJC gold bars, the current difference is up to 3 million VND/tael, while some business units adjusted the gold ring price difference to 4 million VND/tael.
This means that gold buyers must wait for prices to increase strongly enough to compensate for the gap between buying and selling prices right from the time of transaction.
Not only gold bars, the gold ring market also recorded a significant increase, but the actual profit of buyers varies between business units.
At DOJI, the price of gold rings is listed at 145.5 - 149.5 million VND/tael, an increase of 4.5 million VND/tael for buying and an increase of 5.5 million VND/tael for selling compared to the end of last week. With a buying - selling difference of 4 million VND/tael, gold ring buyers at DOJI from August 16 to August 23 may make a profit of about 1.5 million VND/tael.
Meanwhile, gold rings at Phu Quy were listed at 144.6 - 147.6 million VND/tael, an increase of 3.6 million VND/tael in both directions. Buyers last week and sellers this weekend only made a profit of about 600,000 VND/tael.
World gold prices break through by more than 5% in one week
On the international market, gold prices had a strong week of increase when continuously conquering new high price zones. Closing the weekly trading session, world gold prices reached 4,602.4 USD/ounce, an increase of 226.8 USD/ounce compared to a week ago.
The upward momentum of precious metals is supported by many factors such as the weakening USD, expectations that the monetary policy of the US Federal Reserve (Fed) may change in a more favorable direction for gold, and the need to seek defensive assets against economic risks.
In addition, concerns related to the US fiscal situation, developments in the bond market and cautious investor sentiment also boosted cash flow into precious metals.
After increasing sharply for three consecutive weeks and surpassing the 4,600 USD/ounce mark, gold prices entered a new trading week with attention focused on a series of US economic data and new signals from the Fed.
The market is waiting for important data such as consumer confidence index, new housing sales, core personal consumption expenditure price index (PCE), Q2 GDP growth and durable goods orders.
In particular, Fed Chairman Kevin Warsh's speech at the Jackson Hole conference is seen as a factor that could create more volatility for the market, as investors look for clues about the direction of interest rate policy.
If data shows that inflation continues to cool down and the Fed is likely to ease policy, gold prices may continue to receive support. Conversely, positive signals from the US economy may help the USD and bond yields recover, putting pressure on precious metals.
In the short term, gold price trends still depend on the diễn biến of the USD, US bond yields, interest rate expectations and risk factors in the global market.
The article updates the developments of the gold market, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
