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SJC gold buyer lost 1.3 million VND, gold ring buyer made profit of 200,000 VND

Công LuậnCông Luận04/11/2023


SJC gold buyer lost 1.3 million VND, gold ring buyer made profit of 200,000 VND

The financial markets, including foreign exchange, stock and cryptocurrency markets, had a very volatile week. However, the world gold market remained flat. However, in the domestic market, “strange” developments appeared.

While the price of SJC gold fell sharply, causing investors to suffer heavy losses, the price of non-SJC gold increased significantly, helping buyers reap profits.

Specifically, on the morning of November 4, Saigon Jewelry Company - SJC listed the price of SJC gold at: 69.40 million VND/tael - 70.20 million VND/tael, down 800,000 VND/tael (equivalent to a decrease of 1.2%) in both buying and selling compared to the end of last week. Thus, the buying price could not maintain the 70 million VND/tael mark, the selling price lost the 71 million VND/tael mark.

SJC gold buyer spends 13 million dong to buy gold and gets back 200,000 dong image 1

After a week, SJC gold buyers suffered a loss of up to 1.3 million VND/tael, but ring gold buyers made a profit of 200,000 VND/tael. Illustrative photo

SJC gold price at Doji Group is currently listed at: 69.50 million VND/tael - 70.30 million VND/tael, down 600,000 VND/tael for buying and down 700,000 VND/tael for selling.

At Phu Nhuan Jewelry Company – PNJ, SJC gold price is listed at: 69.70 million VND/tael – 70.40 million VND/tael, down 400,000 VND/tael for buying, down 600,000 VND/tael for selling.

Bao Tin Minh Chau Gold and Gemstone Company "closed" the price of SJC gold at: 69.60 million VND/tael - 70.32 million VND/tael, down 620,000 VND/tael for buying and down 680,000 VND/tael for selling.

Thus, after 1 week of trading, the price of SJC gold decreased from 400,000 VND/tael to 800,000 VND/tael depending on the store. That means, if adding the difference between the buying and selling prices, gold buyers last weekend could have suffered a loss of up to 1.3 million VND/tael.

Meanwhile, buyers of non-SJC gold were luckier and received a small profit.

At the end of this week, the price of Thang Long Dragon Gold at Bao Tin Minh Chau was traded at: 59.18 million VND/tael - 60.13 million VND/tael, an increase of 750,000 VND/tael in both buying and selling directions. However, due to the huge difference between the two prices, the profit that investors received was only 200,000 VND/tael.

At PNJ Company, the price of PNJ gold is traded at: 58.90 million VND/tael - 59.95 million VND/tael, an increase of 20,000 VND/tael for buying and keeping the selling price unchanged. Thus, PNJ caused investors to lose 1.05 million VND/tael.

World gold “stuck” below the $2,000/ounce mark

Over the past week, the world gold price has fluctuated strongly in many sessions. However, overall for the week, this precious metal has remained stable, stopping at 1,992.2 USD/ounce, down just over 1 USD/ounce compared to the end of last week. Gold is "stuck" below the 2,000 USD/ounce mark.

Gold's failure to convincingly break above $2,000 an ounce is creating some cautious sentiment in the market, with some analysts suggesting that prices may need to consolidate in the near term before the precious metal reaches all-time highs, according to Kitco News.

Commodity analysts say gold continues to be driven by global geopolitical factors as waning market fears weigh on the precious metal's safe-haven appeal.

“The geopolitical crisis that fueled gold’s rally is running out of steam,” said Christopher Vecchio.

Vecchio said that while a geopolitical event can provide a trading boost to the gold market, it does not attract long-term investors. He noted that a gold rally based on a specific geopolitical event would need to see a sustained increase to sustain the safe-haven bid.

Vecchio said he exited his gold position last week and will remain on the sidelines for the time being as he expects prices to stabilize.

“Most of the big moves in gold are over,” he said. “But I don’t want to short gold because the fundamental backdrop of a weaker dollar and lower bond yields is positive for gold.”

David Morrison, senior market analyst at Trade Nation, described gold as a market looking for a new catalyst.

Ole Hansen, head of commodity strategy at Saxo Bank, said he is neutral on gold, noting that consolidation around current levels would be healthy. The neutral outlook comes after gold rose nearly 7% in October, its best monthly gain since March.

“Gold has paused after rallying nearly $200 last month after profit-taking emerged again above $2,000 an ounce. After rising so much in such a short space of time, the market needs some consolidation.”



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