At 2:00 p.m. on April 5, 2024, the domestic SJC gold price was slightly adjusted down by businesses compared to early morning of the same day.
Saigon Jewelry Company Limited - SJC listed the price of SJC gold at 79.2 million VND/tael for buying and 81.2 million VND/tael for selling. Compared to the early morning of the same day, the gold price here was adjusted down 100,000 VND for buying and down 120,000 VND for selling.
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| Gold price listed at Saigon Jewelry Company Limited - SJC. Website screenshot at 2:00 p.m. on April 5, 2024 |
At the same time, Bao Tin Minh Chau listed the price of SJC gold at 79 million VND/tael for buying and 80.9 million VND/tael for selling. Compared to the early morning of the same day, the price of SJC gold here was adjusted down slightly by 10,000 VND for selling.
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| Gold price listed at Bao Tin Minh Chau. Website screenshot at 2:00 p.m. on April 5, 2024 |
Today, the domestic gold price decreased following the developments of the world gold market. After reaching a peak of over 2,300 USD yesterday (April 4), each ounce of spot gold has now decreased by 15 USD to 2,276 USD. Converted according to Vietcombank exchange rate, each international gold tael is equivalent to 68.96 million VND (excluding taxes and fees). Accordingly, the difference between gold bars and the world is currently around 12 million VND/tael.
Domestically, the difference between buying and selling gold prices at businesses is at 1.9 - 2 million VND. This is still a high difference, pushing the risk to consumers. If buying and selling gold right at 2:00 p.m. this afternoon, investors will lose about 2 million VND per tael.
Meanwhile, if the buyer of SJC gold bars at the record peak (March 12, 2024) at VND 82.5 million/tael, now sells it at VND 79.2 million/tael, the investor has lost up to VND 3.3 million/tael.
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| Investors and people should be cautious when buying gold "surfing". Illustrative photo. |
The pullback in gold prices is not surprising, according to some analysts, as the precious metal is under some technical selling pressure after hitting a new all-time high above $2,320 an ounce. However, many analysts still believe that the precious metal's rally is not over. Federal Reserve Chairman Jerome Powell's pledge to start cutting interest rates at some point this year will continue to be a driving force for the precious metal market.
According to the General Statistics Office, in the first quarter of 2024, domestic gold prices increased by 18.2% over the same period and increased by 22.7% compared to December 2023. However, according to economic experts, although gold prices increased in the first quarter of the year, gold is only considered a good shelter, not a good investment channel. Because, after the crises of the world economy such as the global financial crisis in 2008-2009, the Brexit event when the UK decided to leave the European Union, or most recently the Covid-19 pandemic... new investors choose gold as a shelter, as well as a safe asset protection channel.
Giving advice to investors and people, economic experts recommend that gold is a long-term investment channel, at least from 6 months to 1 year. Gold should not be "surfed" and the risk will be higher. Gold prices fluctuate daily, even hourly. Not to mention, the current domestic price gap is high, so investors and people should be cautious in transactions.
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