Investors suffer heavy losses despite high prices

Gold price today 7.7: Investors suffer heavy losses despite high price increase — Gold prices are receiving quite positive forecasts from experts. Photo: Phan Anh

SJC gold bar price

At the end of the week's trading session, DOJI Group listed the price of SJC gold at 74.98-76.98 million VND/tael (buy - sell).

Compared to the closing price of last week's trading session, gold prices at DOJI remained unchanged in both buying and selling directions.

The difference between buying and selling price of SJC gold at DOJI is at 2 million VND/tael.

SJC gold bar price recorded at DOJI Group. Unit: Million VND/tael. Chart: Hai Danh

Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 74.98-76.98 million VND/tael (buy - sell).

Compared to the closing price of last week's trading session, the gold price at Saigon Jewelry Company SJC remained unchanged in both buying and selling directions.

The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.

Last week, SJC gold price moved sideways, but the difference between buying and selling gold listed at a high level caused investors to suffer heavy losses.

If you buy gold at DOJI Group on June 30 at VND76.98 million/tael and sell it today (July 7), you will lose VND2 million/tael. Meanwhile, those who buy gold at Saigon Jewelry Company SJC will also have a similar loss.

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

9999 gold ring price

Early this morning, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 75.65-76.95 million VND/tael (buy - sell).

Saigon Jewelry Company listed the price of gold rings at 74.6-76.2 million VND/tael (buy - sell).

Bao Tin Minh Chau listed the price of gold rings at 75.38-76.68 million VND/tael (buy - sell).

If you buy a 9999 Hung Thinh Vuong plain round gold ring at DOJI on June 30 and sell it today, the buyer will lose about 250,000 VND/tael. Meanwhile, the loss when buying at Saigon Jewelry Company SJC and Bao Tin Minh Chau is 950,000 VND/tael and 600,000 VND/tael, respectively.

Although the price of 9999 round smooth gold rings increased last week, investors still suffered losses when buying in the short term. This loss comes from the difference between buying and selling prices listed by trading units. In the context of high world gold prices, the price of gold rings may continue to increase in the near future.

World gold price

At the close of the weekly trading session, the world gold price listed on Kitco was at 2,388.6 USD/ounce, up 62.6 USD/ounce compared to the close of the previous week's trading session.

Gold Price Forecast

World gold prices increased sharply in the context of a sharp decline in the USD index. Recorded at 8:00 a.m. on July 7, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 104.540 points (down 0.51).

Disappointing economic data, highlighted by slowing growth in the US labor market, is raising market expectations that the US Federal Reserve (FED) will cut interest rates in September.

According to the CME FedWatch Tool, the market sees a nearly 80% chance of a rate cut after the summer recess.

Nearly all industry experts see a positive outlook for gold prices next week, according to the latest Kitco News weekly gold survey.

Twelve Wall Street analysts participated in the Kitco News gold survey this week, with the majority of experts saying they are bullish on the precious metal.

Ten experts predict gold prices will rise next week, while one analyst predicts prices will fall and another sees gold trending sideways next week.

Meanwhile, 164 votes were cast in Kitco’s online poll. 108 retail traders predicted gold prices would rise next week. Another 26 predicted the precious metal would trade lower. The remaining 30 saw prices trading sideways next week.