At 5:00 p.m. on March 24, 2024, the domestic SJC gold price fluctuated slightly compared to the early morning of the same day. Saigon Jewelry Company Limited - SJC listed the afternoon SJC gold price at 78 million VND/tael for buying and 80.3 million VND/tael for selling.
Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted down slightly by 20,000 VND for selling and kept the same price for buying.
Compared to the closing price of last week's trading session, the gold price here was adjusted down by 1.2 million VND/tael for buying and 1.4 million VND/tael for selling. The difference between buying and selling at this unit is currently at 2.3 million VND.
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| Gold price listed at Saigon Jewelry Company Limited - SJC. Website screenshot at 5:00 p.m. on March 24, 2024 |
Similarly, at the same time, Bao Tin Minh Chau listed the buying price of SJC gold at 78 million VND/tael and the selling price at 79.85 million VND/tael. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted down by 50,000 VND for buying and down by 100,000 VND for selling. The difference between buying and selling prices at this unit is at 1.85 million VND.
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| Gold price listed at Bao Tin Minh Chau. Website screenshot at 5:00 p.m. on March 24, 2024 |
Thus, today, the gold price is stable compared to yesterday but still anchored at over 80 million VND/tael. Domestic gold prices also decreased for the second consecutive week. If calculated from the peak of gold price at 82.5 million VND/tael, each tael of SJC gold has decreased by about 2 million VND/tael.
Last week, gold prices fell sharply, combined with the high difference between buying and selling gold, causing investors to suffer heavy losses.
If you buy gold at Saigon Jewelry Company Limited - SJC on the morning of March 17 at VND81.72 million/tael and sell it this afternoon (March 24) at VND78 million/tael, the investor will lose more than VND3.7 million/tael.
The current difference between buying and selling gold prices is listed at around 2-2.3 million VND/tael. This difference is considered very high. Investors face the risk of loss when investing in the short term.
On the world market, the gold price on the Kitco floor closed the weekend session at 2,164 USD/ounce. The gold futures price for June 2024 delivery on the Comex New York floor traded at 2,166 USD/ounce. At the current price, the world gold price converted to VND (including tax and processing fees) is about 14.44 million VND/tael different from the domestic SJC gold price.
This difference has narrowed significantly compared to the level of about 16-17 million VND/tael a few weeks ago, especially narrowed compared to the record peak of about 18-19 million VND/tael between SJC gold and the world at the end of last year.
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| The difference between buying and selling gold is considered very high. Investors face the risk of loss when investing in the short term. Illustrative photo |
According to experts, the price of SJC gold cooled down quickly and narrowed the gap with the world in the context of the market expecting new moves on proposals to manage gold bars in the direction of removing the monopoly of SJC gold, granting licenses to a number of qualified businesses to produce SJC gold and gold rings.
In the context of gold prices continuing to fall sharply, many experts recommend that investors and people who buy gold at a price lower than the purchase price at this time should consider selling gold to make a profit. The reason is that the domestic gold market is being affected by the world gold market after the announcement of a dovish statement from the US Federal Reserve (FED). Not to mention, the domestic gold market is holding its breath waiting for specific management instructions from the Government and the State Bank.
Previously, the Government had issued instructions and requests to immediately handle the difference between domestic and world gold prices, not to let the economy "goldenize", strictly handle acts that destabilize the gold market and acts of smuggling, manipulation, speculation, profiteering, and pushing up gold prices.
"In the coming time, if the State Bank increases the supply of SJC gold bars to the market, the price of gold will decrease. Therefore, at this time, investors who have made a profit should consider selling gold to avoid losses" - some experts recommend.
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