High buying-selling difference, Nghe An gold market 'paralyzed'

Gold prices have been rising steadily, breaking all records. Photo: TP

On the afternoon of April 17, domestic gold prices continued to increase dramatically. Opening the trading session this afternoon, domestic gold prices continued to set a new record when SJC gold prices were listed at 115.50 million VND/tael for buying (up 2.5 million VND/tael) - 118 million VND/tael for selling (up 2.5 million VND/tael).

DOJI gold price is 115.50 million VND/tael for buying (up 2.5 million VND/tael) - 118 million VND/tael for selling (up 2.5 million VND/tael).

PNJ gold price is being bought at 114 million VND/tael (up 3.5 million VND/tael) and sold at 117 million VND/tael (up 3.4 million VND/tael).

Meanwhile, gold rings also skyrocketed to 113 - 114 million VND/tael (buy) and 117 - 118 million VND/tael (sell). This is the 14th time in 2025 that the world gold price has reached a new peak, reflecting the strong attraction of precious metals in the context of many global fluctuations.

The continuous increase in gold prices has made people fear that their currency will lose value. Photo: TP

In Nghe An, the gold price is being listed by private gold and silver businesses at 111-119 million VND/tael (buy in - sell out). Specifically: At Kim Thanh Huy gold and silver business, it is 10,900,000 VND/tael (buy in) and 11,900,000 VND/tael (sell out); At Nhu Trinh gold and silver business (Yen Thanh) it is 11,150,000 VND/tael - 11,700,000 VND/tael (buy in - sell out), at Mai Linh gold shop (Thanh Chuong) it is: 11,200,000 VND/tael - 11,750,000 VND/tael (buy in - sell out).

Normally, the difference between the selling and buying prices only fluctuates from 700,000 - 1.5 million VND/tael, even at most only about 2 - 3 million VND/tael during sensitive times. However, on April 17, 2025, in Nghe An, the difference between buying and selling prices at gold shops has widened significantly compared to previous trading sessions.

Most buying and selling transactions at this time are "paralyzed". People mainly buy wedding gold, buy jewelry... Photo: TP

Specifically, the selling price difference with the buying price is up to 600 - 800,000 VND/tael (equivalent to 6-10 million VND/tael), 2 - 3 times higher than the normal level, 2-3 times higher than the difference between buying and selling in the domestic market.

This clearly warns that the gold market is in an unstable state, and gold trading businesses must widen their margins to avoid risks. In addition, when prices rise too high, businesses are reluctant to buy, because if prices reverse, they will suffer huge losses.

The unusually high difference between selling and buying implies many risks in the market. Photo: TP

Therefore, when the difference between buying and selling is unusually high, it will have a negative impact on the market. Sellers do not want to sell because they will suffer a heavy loss due to the low buying price. Buyers also do not dare to buy because the price is too high and they are afraid of the risk of a sharp price drop later. Therefore, the Nghe An gold market at this time seems paralyzed.

In contrast to previous "gold rushes" when people would sell gold to "take profit", at this time, the afternoon of April 17 recorded a contrasting scene of silence and caution. Most people stood outside to observe. "Buyers dare not buy because they are afraid of chasing the peak, and if they sell, the price will be forced too low. I had 2 taels of gold to sell, but seeing that the price difference was too high, I gave up and waited a few more days to see what would happen," said Mr. Nguyen Van Tam (Quan Bau ward, Vinh city).

Many people believe that gold trading businesses must widen their trading margins to avoid risks when gold prices fluctuate continuously. Photo: TP

According to records, at some gold shops on the afternoon of April 17, the number of customers coming to trade was very low. Most of them came just to ask for the price and then turned away. Actual transactions hardly took place. The fact that the gold market has been stretched too much is causing concerns about market instability and people's psychology.

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Source: https://baonghean.vn/chenh-lech-mua-ban-cao-thi-truong-vang-nghe-an-te-liet-10295320.html