Gold buyers incur heavy losses as domestic
gold prices fall and the buy-sell spread widens.
By Ngoc Mai.
This morning (April 25) the SJC bullion price stood at just over 168 million dong per tael. In the past week, bullion prices fell by more than 3 million dong per tael, and buyers faced “double losses” of nearly 6 million dong per tael.
Sai Gon Jewelry Company quotes the SJC bullion price at 166.3 - 168.8 million dong per tael (buy - sell), unchanged from yesterday morning. However, compared with a week ago, the price is down 3.2 million dong per tael.
This movement puts buyers into a “double loss” situation. Not only affected by the price decline, investors are also affected by a fairly wide buy-sell spread. If a buyer sells SJC gold today, the loss can reach up to 5.7 million dong per tael.
Gold jewelry prices from various firms are also quoted around 165.8 - 168.8 million dong per tael. Because the buy-sell spread is wider than bullion, jewelry buyers today would incur a loss of up to 6.2 million dong per tael.
The phrase “double losses” for gold buyers in the past week.
At the same time, the world gold price is quoted at 4,708 USD per ounce, down 126 USD from a week ago. The global price movement continues to exert downward pressure on the domestic market, given the persistent domestic-external price gap.
Silver prices have also fallen by up to 5 million dong per kilogram compared with a week ago. Accordingly, Phu Quy and Doji silver bars are priced around 78 million dong per kilogram. Ancarat silver trades around 77 million dong per kilogram.
In the currency market, the State Bank of Vietnam posts the central exchange rate at 25,113 dong/USD, unchanged from the morning before.
Vietcombank quotes USD at 26,138 - 26,368 dong/USD (buy - sell). On the free market, USD trades around 26,600 - 26,650 dong/USD.
By Ngoc Mai
