Gold approaches all-time high, buyers still lose nearly 1 million/tael

Buyers still lose from 430,000 VND to nearly 1 million VND/tael

This week, the precious metals market experienced many ups and downs, but the main trend remained upward. After losing the VND74 million/tael mark, the price of SJC gold reversed to reach VND74.40 million/tael, only VND200,000/tael lower than the all-time high set on December 4.

Specifically, at Doji Group, SJC gold price closed the week at: 73.20 million VND/tael - 74.40 million VND/tael, up 100,000 VND/tael, equivalent to 0.13% in buying price and up 300,000 VND/tael, equivalent to 0.4% compared to the last session of the previous week.

The gap between the buying and selling price of SJC gold at Doji has widened from VND1 million/tael to VND1.2 million/tael. With such a large gap, although the price of SJC gold has increased slightly, investors still lose VND900,000/tael.

Although the price of SJC gold approached the all-time high set on December 4, buyers still lost from VND430,000 to nearly VND1 million/tael after 1 week. Illustrative photo

The loss situation also occurred with customers of many other “gold houses”. However, the loss level was much lower because the remaining units recorded a stronger increase in purchase price than selling price.

Saigon Jewelry Company – SJC listed the price of SJC gold at: 73.35 million VND/tael – 74.35 million VND/tael, an increase of 450,000 VND/tael, equivalent to 0.6% for buying and an increase of 250,000 VND/tael for selling, equivalent to 0.34%.

SJC gold price at Bao Tinh Minh Chau Jewelry Company closed the week at: 73.45 million VND/tael - 74.35 million VND/tael, up 530,000 VND/tael, equivalent to 0.7% in buying price and up 300,000 VND/tael, equivalent to 0.4%.

In the weekend session, SJC gold price at Phu Nhuan Jewelry Company - PNJ traded at: 73.40 million VND/tael - 74.40 million VND/tael, up 400,000 VND/tael, equivalent to 0.55% in buying price and up 300,000 VND/tael, equivalent to 0.4%.

It can be seen that at these units, after 1 week of trading, investors only lost more than 400,000 VND/tael.

Meanwhile, non-SJC gold prices also caused investors to lose money despite a slight increase.

At Bao Tin Minh Chau, the price of Thang Long Dragon Gold was traded at: 61.37 million VND/tael - 62.42 million VND/tael, an increase of 90,000 VND/tael for buying and 70,000 VND/tael for selling. As a result, investors lost more than 1 million VND/tael.

At PNJ Company, PNJ gold price is traded at: 60.80 million VND/tael - 61.90 million VND/tael, slightly increased compared to last weekend.

Gold continues to near all-time highs

In the world market, gold prices fell on Friday, but rose for the week as the US Federal Reserve (FED) shifted to a dovish stance and expected lower interest rates next year.

Spot gold fell 0.8 percent to $2,018.56 an ounce on Friday, but was up 0.8 percent for the week. U.S. gold futures fell 0.4 percent to $2,035.70.

“The gold market will continue to reflect expectations from the Fed,” said Everett Millman, chief market analyst at Gainesville Coins.

“If the US economy doesn’t improve by early 2024, that’s a very strong indication that gold will continue to near all-time highs.”

Earlier this week, Fed Chairman Jerome Powell said the prolonged tightening of monetary policy could end as the discussion of lower borrowing costs is “considered.”

The CME FedWatch tool shows the market is seeing a 70% chance of a rate cut in March. Lower interest rates increase the appeal of bullion.

However, New York Fed President John Williams dismissed growing market expectations for a rate cut.

“If more Fed officials backtrack on Powell’s comments on the Federal Open Market Committee (FOMC) before Christmas, we could see a deeper correction in gold prices, but this will make the market a little more cautious,” said Tai Wong, an independent metals trader based in New York.

The dollar was steady but on track for a weekly decline, making gold cheaper for overseas buyers, while 10-year Treasury yields had their worst week since March.

Source: https://www.congluan.vn/vang-tien-sat-moc-cao-nhat-moi-thoi-dai-nguoi-mua-van-lo-gan-1-trieu-luong-post276876.html