On the morning of March 3, gold bars at Saigon Jewelry Company - SJC were bought at 77.8 million VND/tael and sold at 80.3 million VND. Gold bars have decreased by 700,000 VND after reaching a record peak of 81 million VND yesterday. However, compared to a week ago, each tael of SJC gold bar still increased by 1.8 million VND. The difference in buying and selling prices of gold bars was pushed up by SJC to 2.5 million VND, 300,000 VND higher than last weekend.
Meanwhile, gold rings also continuously set new records when the total increase for the whole week was higher than that of gold bars. Currently, SJC buys 4-number 9 gold rings at 65.3 million VND and sells them at 66.5 million VND. In total, after one week, gold rings have increased by 2.25 million VND. Bao Tin Minh Chau Company (Hanoi) alone buys gold rings at 66.78 million VND and sells them at 67.98 million VND, and this is the highest price of gold rings on the market.
Gold bar prices set a new record but buyers on God of Wealth Day 2 weeks ago still lost money
Gold prices have been rising continuously, but those who bought gold for luck on God of Wealth Day still suffered losses. Specifically, after 2 weeks, those who bought SJC gold bars on God of Wealth Day at the price of 78.4 - 78.6 million VND have now sold them at 77.8 million VND (SJC's purchase price) and still lost 800,000 VND/tael. On the contrary, if they bought SJC's 4-number 9 gold rings on God of Wealth Day at the price of 64.8 million VND, they would have made a profit of 500,000 VND/tael by now.
The world gold price at the end of the week increased to 2,083.3 USD/ounce, up 44 USD compared to the end of last week. Converted according to Vietcombank's USD exchange rate, the world gold price is equivalent to 62.2 million VND/tael (excluding taxes and fees). The domestic gold price increased less than the world price, but each tael of SJC gold bar is still 18 million VND higher while gold rings are 4.3 million VND higher.
The domestic gold price is always much higher than the world price, which is considered abnormal. Most recently, on February 17, Deputy Prime Minister Le Minh Khai continued to request the State Bank to seriously carry out the tasks assigned by the Government regarding gold market management. In addition to requesting no delay in summarizing Decree 24/2012 on gold trading management, the Deputy Prime Minister also assigned the State Bank to closely coordinate with the Ministry of Public Security and relevant agencies to urgently inspect and closely monitor this market, the activities of enterprises, stores, distributors and gold bar buyers and sellers...
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