Gold Breaks $4,600, But Thin Profits Stifle Vietnam Buyers

Global gold prices have reached their third consecutive week of gains, breaking through the $4,600 per ounce mark and recording a weekly increase of over 5%. However, in Vietnam's domestic market, buyers are facing thin profits due to excessively wide bid-ask spreads.

The gap between buying and selling prices has been pushed wide, with Saigon Jewelry Company (SJC) listing SJC gold bars at 144.6 million, 147.6 million dong per tael (buy, sell), up 3.6 million dong per tael on both ends compared to the previous week.

Investors who bought SJC gold bars on August 16 and sold them on August 23 earned only 600,000 dong per tael in profit, despite the listed price having risen by 3.6 million dong per tael. The wide bid-ask spread is responsible for 'swallowing' transaction costs.

DOJI Group listed prices for 9999 gold rings at 145.5 million, 149.5 million dong per tael, up 4.5 million dong per tael on the buy side and 5.5 million dong per tael on the sell side.