Vietnam Gold Prices Plummet Amid High Buying-Selling Spread

Gold prices in Vietnam have been on a downward trend, causing significant losses for short-term investors. The price of SJC gold bars closed at 143-146 million VND/tael last week, down 1.6 million VND/tael from the previous weekend session.

However, the loss is not solely due to the decrease in gold prices. The buying and selling spread, which can be as high as 4 million VND/tael for some products, adds to the losses. For example, if an investor bought SJC gold bars on September 6th and sold them on September 13th, they would have incurred a loss of around 4.6 million VND/tael.

The situation is even more dire for those who purchased 9999 gold rings, with prices listed at 143-147 million VND/tael and a buying-selling gap of 4 million VND/tael. This means that buyers could suffer losses of up to 7 million VND/tael if they sold their gold rings on the same dates.

The international market also saw gold prices fall, closing at $4347.7 per ounce last week, down $81.4 from a week ago. The decline is attributed to increased US economic data and expectations that the US Federal Reserve may maintain high interest rates for longer. However, experts note that gold prices are still supported by developments in the USD, US bond yields, and global risk factors.