SJC gold price increased sharply... 11.3 times higher than world gold price

SJC gold price keeps increasing, buyers keep losing

The domestic gold market is gradually getting used to adversity: the price of SJC gold keeps increasing, while buyers keep losing. After 1 week of trading, the price of SJC gold has increased by 2 million VND/tael, but buyers still lose from 700,000 VND to 1.05 million VND/tael.

Specifically, the price of SJC gold at Saigon Jewelry Company - SJC closed the week at: 74 million VND/tael - 77 million VND/tael, an increase of 2 million VND/tael in both buying and selling compared to the end of last week. Although the price of SJC gold increased by 2 million VND/tael, the selling price was 3 million VND/tael higher than the buying price, so buyers still lost 1 million VND/tael.

At Doji Group, SJC gold price is listed at: 73.95 million VND/tael - 76.95 million VND/tael, an increase of 1.95 million VND/tael. After 1 week of buying, investors lost 1.05 million VND/tael.

SJC gold price increased 113 times, world gold price picture 1 — Although the Prime Minister has directed measures to reduce the gap between domestic and world gold prices, this week, the price of SJC gold still increased sharply, 11.3 times higher than world gold prices. Illustrative photo

Phu Nhuan Jewelry Company – PNJ “closed” the price of SJC gold this week at: 74.50 million VND/tael – 77.50 million VND/tael, an increase of 2 million VND/tael for buying, an increase of 2.3 million VND/tael for selling (equivalent to 3.05%). Investors lost 700,000 VND/tael.

SJC gold price at Bao Tin Minh Chau Company stopped at: 74 million VND/tael - 76.90 million VND/tael, increased by 1.75 million VND/tael for buying, increased by 2.15 million VND/tael for selling (equivalent to 2.88%). After 1 week, buyers lost 750,000 VND/tael.

“Accompanying” SJC gold is non-SJC gold. Although not as volatile as SJC gold, non-SJC gold also causes investors to lose money even though the price is still increasing.

At Bao Tin Minh Chau, the price of Thang Long Dragon gold is being traded at: 63.42 million VND/tael - 64.52 million VND/tael, an increase of 840,000 VND/tael in both buying and selling directions, equivalent to 1.32%.

At PNJ company, PNJ gold price increased by 400,000 VND/tael for buying and 500,000 VND/tael for selling to 62.40 million VND/tael - 63.50 million VND/tael.

Buyers of Thang Long and PNJ gold both suffered slight losses.

SJC gold price increased 11.3 times higher than world gold price

Throughout the past time, gold investors have always faced two risks. That is the selling price is too high compared to the buying price and the domestic price is too high compared to the world gold price.

Before the "gold storm" that took place from the end of December 2023, the Prime Minister directed measures to reduce the gap between domestic and world gold, but this week, the price of SJC gold still increased 10 times more than world gold.

Closing this week, the world gold price stopped at 2,049.7 USD/ounce, up nearly 6 USD/ounce, equivalent to 0.27% compared to the end of last week. Thus, the price of SJC gold has increased 11.3 times higher than the world gold price.

At the world gold price of 2,049.7 USD/ounce, the price of SJC gold is equivalent to 61.23 million VND/tael. Thus, the price of SJC gold is about 15.77 million VND/tael more expensive than the world gold price. This is a very high difference, potentially bringing many risks to buyers.

Although the precious metal was almost flat this week, geopolitical uncertainty has made the belief in gold's sparkle next week stronger.

Ten Wall Street analysts took part in the Kitco News Gold Survey this week, and they were even more bullish than they were last week. Seven, or 70%, predicted higher gold prices next week, while just one analyst, or 10%, predicted lower prices. The remaining two, or 20%, were neutral on gold next week.

Meanwhile, 121 votes were cast in Kitco’s online poll, with market participants continuing their recent cautious stance on gold’s potential performance. Fifty-nine retail investors, or 49%, expect gold to rise next week. Another 39%, or 32%, predict lower prices, while 23 respondents, or 19%, are neutral on the precious metal’s near-term outlook.

Next week, Bob Haberkorn, senior commodities broker at RJO Futures. said the market will be watching what happens in the Middle East.

“I can see gold actually rallying to all-time highs again on geopolitical risk next week,” he said.

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