Just bought and lost 6 million VND/tael
In the last days of 2023, the gold market witnessed many extremely large fluctuations. Even with only a few hours left until the end of 2023, the gold market has caused investors to face unprecedented risks. That is, as soon as they bought, investors immediately lost 6 million VND/tael. The reason is that the difference between the selling and buying prices of SJC gold was pushed to an all-time high.
Specifically, before the "closing time" in 2023, the selling price listed by gold shops was commonly at 73.90 million VND/tael and 74 million VND/tael. These are numbers that do not have much difference. However, the buying price is "multi-faceted".
The lowest buying price of SJC gold in the market belongs to Doji Group with only 68 million VND/tael in Hanoi market. Thus, the selling price of SJC gold at Doji Hanoi is 6 million VND/tael higher than the buying price. That means investors immediately lose 6 million VND/tael when they buy.
The gold market on the last day of 2023 is facing a big paradox. That is, investors who just bought SJC gold immediately lost 6 million VND/tael. Photo: Hoang Tu
In Ho Chi Minh City, Doji listed a higher price of 70 million VND/tael. However, the selling price was up to 75 million VND/tael. Thus, right out of the door, buyers immediately lost 5 million VND/tael.
At other companies, the losses were slightly lower but still very high.
On the last day of 2023, Saigon Jewelry Company – SJC listed the price of SJC gold at: 71 million VND/tael – 74 million VND/tael. The gap between the buying and selling prices reached 3 million VND/tael.
The price of SJC gold at Phu Nhuan Jewelry Company stopped at: 70 million VND/tael - 73.90 million VND/tael. Investors immediately lost 3.9 million VND/tael after buying.
At Bao Tin Minh Chau Company, the SJC gold price "closed" in 2023 at: 71.10 million VND/tael - 73.90 million VND/tael. The selling price is 2.8 million VND/tael higher than the buying price. This is the lowest difference on the market.
Non-SJC gold prices brought less loss when the difference between the two prices was “only” over 1 million VND/tael.
At Bao Tin Minh Chau, the price of Thang Long Dragon gold is traded at: 62.08 million VND/tael - 63.28 million VND/tael. At PNJ Company, the listed price of PNJ gold is: 62 million VND/tael - 63.10 million VND/tael. The difference between the selling and buying prices of these two types of gold is 1.2 million VND/tael and 1.1 million VND/tael, respectively.
Prime Minister directs, SJC gold price is less expensive than world gold price
Before the “tsunami” of the gold market that took place from December 15 and reached an all-time peak of VND80.30 million/tael on December 26, Prime Minister Pham Minh Chinh signed Official Dispatch No. 1426/CD-TTg on December 27 directing solutions to manage the gold market.
One of the requirements that the Prime Minister stated was that the difference between domestic and international gold bar prices should not be allowed to be so high. Right before the Prime Minister's directive, the price of SJC gold was nearly 20 million VND/tael higher than the world gold price.
However, after the Prime Minister's directive, the price of SJC gold dropped sharply, by December 31, 2023, the selling price was "only" 74 million VND/tael, down 6.3 million VND/tael compared to the peak price. Meanwhile, the world gold price fluctuated little, so the gap between the two prices cooled down.
Specifically, at the end of 2023, the world gold price stopped at 2,072 USD/ounce. At this world gold price, the converted SJC gold price reached about 61.80 million VND/tael. Thus, the SJC gold price is about 12.2 million VND/tael more expensive than the world gold price, much lower than the figure of 20 million VND/tael established not long ago.
12.2 million VND/tael is also the lowest difference in 2023 between SJC gold price and world gold price. However, according to experts, this is still a very large gap, bringing many risks to gold buyers.
Specifically, Dr. Nguyen Tri Hieu, a banking and finance expert, said that the price of SJC gold should only be about 5 million VND/tael higher than the world gold price, and the selling price should only be about 500,000 VND/tael higher than the buying price. If it exceeds these numbers, the risk will be transferred from the gold company to the investor.
At the same time, economic expert Dr. Nguyen Minh Phong also advised investors that this is not the time to buy gold when the above differences are still very large.
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