Vietnamese Gold Buyers Face Heavy Losses Due to Widening Price Gaps

Recently, gold buyers in Vietnam have been facing significant losses due to the large difference between buying and selling prices. On July 26, businesses such as Saigon SJC Jewelry Company and DOJI listed SJC gold bar prices at 137.5 million VND/tael for buying and 141.5 million VND/tael for selling, resulting in a 4 million VND/tael difference.

Compared to the previous week, the buying price of SJC gold bars decreased by 7 million VND/tael, while the selling price decreased by 6 million VND/tael. This means that buyers who purchased SJC gold bars on July 19 at a price of 147.5 million VND/tael would lose 10 million VND/tael if they resold them on July 26 at the current buying price.

The same issue is observed in the market for plain round gold rings, with buyers suffering losses of nearly 9 million VND/tael after holding onto their purchases for a week. The global gold market also saw prices decline to 4,051.7 USD/ounce on July 26, down from 34.4 USD compared to the previous week.

A survey by a precious metals website found that only 22% of experts predicted an increase in gold prices next week, while 39% expected a decrease and the remaining 7% forecasted sideways movement.