SJC gold price drops again, buyers lose 2.6 million VND/tael

SJC gold makes buyers lose nearly 2 million VND/tael

Last week, while the stock market recovered, the gold market was gloomy. The price of SJC gold dropped sharply, causing buyers to buy 1.3 million VND/tael after only 7 trading days.

Entering the new week, the downward trend was not only not limited but continued to be maintained. SJC gold price dropped sharply and lost the 70 million VND/tael mark in both buying and selling directions. If bought at the end of last week, by early this afternoon, investors had lost another 2.6 million VND/tael.

Specifically, at Doji Group, SJC gold price is traded at: 68 million VND/tael - 69.50 million VND/tael, down 1.5 million VND/tael for buying and down 800,000 VND/tael for selling compared to the end of last week.

If you bought SJC gold last weekend and sold it early this week, you would have lost up to 2.3 million VND/tael.

Last week, SJC gold caused buyers to lose 1.3 million VND/tael. Not stopping there, by early Monday afternoon, the loss was added to 2.6 million VND/tael. Illustrative photo

At Saigon Jewelry Company – SJC, SJC gold price is listed at: 68 million VND/tael – 69.50 million VND/tael, down 1.4 million VND/tael for buying and down 700,000 VND/tael for selling.

Bao Tin Minh Chau Gold and Gemstone Company is trading SJC gold at the price of: 68.10 million VND/tael - 69.45 million VND/tael, down 1.5 million VND/tael for buying, down 870 million VND/tael for selling.

Phu Nhuan Jewelry Company – PNJ is listing the price of SJC gold at: 67.80 million VND/tael – 69.30 million VND/tael, down 1.9 million VND/tael for buying and down 900,000 VND/tael for selling. The loss at PNJ is the highest in the market, up to 2.6 million VND/tael.

Meanwhile, buyers of non-SJC gold continue to be lucky as this precious metal is "as solid as a rock".

At Bao Tin Minh Chau, the price of Thang Long Dragon gold at Bao Tin Minh Chau is traded at: 59.18 million VND/tael - 60.13 million VND/tael, unchanged from last weekend.

At PNJ Company, the price of PNJ gold is traded at: 58.95 million VND/tael - 59.95 million VND/tael, an increase of 50,000 VND/tael and the selling price remains the same compared to the end of last week.

SJC gold sets new record for "cheap" price

SJC gold price plummeted when world gold price dropped sharply. At present, in the Asian market, world gold price is trading at: 1,982.6 USD/ounce, down 9.6 USD/ounce.

At the world gold price of 1,982.6 USD/ounce, the converted SJC gold price reached 58.90 million VND/tael. Thus, the SJC gold price is "only" about 10.50 million VND/tael more expensive than the world gold price.

This is the lowest ever difference between the two markets in 2023. Last weekend, this gap was 11.4 million VND/tael, a sharp decrease compared to the figure of 14 million VND/tael a week earlier.

It can be seen that the world gold price is going against the forecast of the world financial investors. Last weekend, in the surveys conducted by Kitco News, the majority of opinions expressed confidence in the upward trend of this precious metal.

Specifically, in the Wall Street survey, 60% of experts are optimistic about gold's upward momentum, only 7% predict gold prices will fall and 33% believe in a sideways trend. These numbers in the Main Street survey are 64%, 22% and 14% respectively.

Daniel Pavilonis, senior commodities broker at RJO Futures, noted that gold has been making higher lows and hovering around $2,000 an ounce. “I think gold is going up again because there is this idea that gold is going up because of inflation, gold is going up because of geopolitics, the Middle East, and gold could also go up because of the inverse correlation to interest rates,” said Daniel Pavilonis, who is bullish on gold.

However, Daniel Pavilonis also stressed that gold could have made higher highs.

“But then interest rates have come down significantly because inflation is starting to come down a little bit,” he said. “Also, the stock market is starting to move higher, so flows into precious metals may be dampened to some extent.”

Pavilonis said some of the interest in buying gold could be diverted to Bitcoin because it also acts as an alternative to gold. “We’ve seen that before when Bitcoin went up to $65,000 in a similar situation,” he said. “Gold should have gone over $2,000 and it didn’t. So I think that will take a little bit of the momentum out of gold.”

Source: https://www.congluan.vn/vang-sjc-lai-giam-soc-nguoi-mua-lo-26-trieu-dong-luong-post271318.html