The domestic gold market closed the first trading week following the 2023 Lunar New Year holiday with negative movements when the prices of gold bars, gold rings, and 24K gold jewelry all fell deeply following Day of God of Wealth.
Specifically, in the last session of this week (February 5), the price of gold bars was listed by Saigon Jewelry Company (SJC) at 66.4 – 67.4 million VND/tael (buy in – sell). out), unchanged from the 4/2 session, but reduced by 100,000 VND in buying price and 300,000 VND in selling price compared to 3/2.
This is the second consecutive decrease of SJC gold bar, in the past week, the price of this item mainly kept the downward trend with a decrease of 1 million dong/tael.
Noting the same trend, Phu Nhuan Jewelry Company (PNJ) is also listing gold bar buying price at 66.5 million/tael and selling at 67.4 million dong, 100,000 dong lower than that. buying and 300,000 dong selling compared to the previous session.
Similar to SJC, gold bar price listed by PNJ has now decreased by 1 million dong/tael following just one week of trading.
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The domestic gold price fell deeply following the day of God of Wealth. Photo: Truong Hieu. |
Notably, if compared with the transaction price on the day of God of Fortune this year (January 10 of the lunar calendar, ie January 31 of the solar calendar), gold price SJC pieces were reduced by 400,000 VND/tael.
This reduction, along with the difference in buying and selling prices offered by businesses, has caused people to buy gold from the day God of Fortune has suffered a loss of 1.4 million dong per tael of gold, equivalent to a net loss of more than 2 million dong. %.
If buying gold from the beginning of the week, the loss that buyers have to bear is 2 million dong/tael (-2.9%).
For 24K gold rings and gold jewelry manufactured by businesses, the loss that buyers have to bear is even bigger when gold houses continuously lower prices following the wave increases to 54.5 – 55.7 million VND/tael. Day of the God of Fortune.
Specifically, the price of 99.99% gold rings is currently only purchased by SJC at 53.55 million dong/tael and sold at 54.55 million dong, down to 1.15 million dong compared to the transaction price on the day of God. Tai. This development caused SJC gold ring buyers to have sold a loss of 2.15 million/tael so far, equivalent to a net loss of nearly 4% following less than a week.
Similarly, PNJ Company currently buys each gold ring at 53.7 million dong and sells it at 54.7 million dong, down 600,000 dong and 800,000 dong respectively compared to the 3/2 session. Compared to the daily transaction price of Than Tai, this decrease is VND 800,000 and VND 1.1 million, respectively.
Thus, buyers of gold rings at PNJ from the day of Than Tai’s life until now are also suffering a loss of 2.1 million dong/tael.
With gold jewelry, 24K gold at PNJ, the buying – selling price is also down by 800,000 dong/tael in both directions compared to January 31, thereby causing buyers to lose 1.6 million dong/tael.
If buying feng shui gold products such as pressed gold with printed letters, gold mascots of the God of Fortune, today, the buyer has lost 2.1 million dong/tael. This amount does not include the processing fee of 150,000-190,000 VND for each product, which is added directly to the price when businesses sell to people.
The decline in domestic gold prices took place in the context of the world gold price falling vertically in the past 3 days.
The international gold price closed this trading week at 1,864 USD/ounce, down more than 60 USD compared to a week ago, equivalent to a decrease of regarding 1.8 million VND/tael converted in Vietnamese dong.
If counting the last 3 sessions of the week alone, the world precious metal price has fallen by nearly 100 USD/ounce, falling deeply from the current 1,960 USD/ounce area, equivalent to a decrease of 2.8 million VND/tael in Vietnamese currency. .
